Press release
January 21, 2008
TriOptima schedules 55 termination cycles for its triReduce credit and rates service in 2008
TriOptima, the award-winning provider of post trade processing services for OTC derivatives, has begun to execute its schedule of 55 termination cycles in 2008. With 31 credit termination cycles and 24 rates cycles on the triReduce calendar, 10 will be completed by the end of February - 7 in credit default swaps and 3 in interest rate swaps.
Ulf Andersson, business manager for triReduce, said, "We have a very busy year planned for the triReduce service with 55 cycles already on the schedule. In addition, we will need to be flexible and respond to the market, addressing any defaults that may arise with special termination cycles as needed."
TriOptima has been expanding the range of triReduce termination cycles offered since the introduction of the service in 2003. Terminations are now seen as a normal part of the trade life cycle, and of particular assistance in managing the expanding trade volumes in OTC derivatives by reducing the operational risk and costs as well as counterparty credit exposures. By tearing up these trades, all associated risks are eliminated.
The triReduce service for interest rate swaps is offered in 19 currencies; while credit cycles span a broad range of US, European and Asian credit default instruments including single names, indices, ABX indices, LCDX indices, tranches and emerging market indices.
About TriOptima
TriOptima is the award-winning supplier of technology-leveraged post trade processing services including triReduce and triResolve.
triReduce, the multilateral early termination service for OTC derivative dealers, pioneers technology that eliminates risk and reduces operational and capital costs. Serving over 100 bank and non-bank subscribers worldwide including the major local and global dealers in derivatives, triReduce is a critical tool for maintaining post trade processing efficiency.
triResolve is a proactive portfolio reconciliation service that serves collateral management and operations in all types of firms with an OTC derivatives portfolio. Web-based, interactive, with advanced matching capabilities, the triResolve service reconciles the entire range of OTC derivatives transactions covered under a collateral agreement such as the ISDA CSA.
TriOptima maintains offices in Stockholm, London, New York, and Singapore. TriOptima is a privately-held company owned by its employees and directors with a significant minority interest held by ICAP plc.
For further information please contact:
Susan Hinko, Managing Director, Industry Relations
Tel: + 1 646 744 0410
susan.hinko@trioptima.com
Meredith Sledd Lindquist, Global Head of Marketing
Tel: +46 8545 25 664
meredith.sledd.lindquist@triopima.com