Press release
May 16, 2008
TriOptima Expands Schedule of CDS triReduce Tear-up Cycles
TriOptima announced that it has completed 16 CDS triReduce termination cycles to date, and will offer 6 more before the end of June in response to subscriber requests. Additional cycles will be announced for the second half of the year to meet the increased demand for terminations from participants.
Subscribers participate in triReduce termination cycles in order to reduce their trade inventories, eliminate all operational risk and costs associated with terminated trades, free up capital, and manage counterparty credit risk. Recent market events and significant trading volumes have contributed to increased demand for triReduce cycles.
CDS cycles include US and European indices, US and European single names, tranches, emerging market indices and special cycles focused on defaulting party transactions such as the recent Quebecor index and single name terminations.
“We have met our clients’ need for increased liquidity by adding termination cycles where possible. For each terminated transaction, the capital associated with that transaction is released and can be deployed elsewhere in the business. In addition, all operational costs and risks for those transactions are eliminated,” commented Ulf Andersson, Global Business Manager for triReduce.
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 network community service for proactive portfolio reconciliation of OTC derivative portfolios. Used by global dealers, regional banks and buy-side firms, triResolve currently handles 40 percent of all OTC derivative transactions globally. The service benefits trade control, settlement, documentation, collateral and counterparty credit risk functions. Web-based, interactive, with advanced matching and reporting capabilities, the triResolve service reconciles all OTC derivative products, from plain vanilla to complex structures.
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, Global Head of 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