Press release
April 29, 2010
TriOptima releases first public statistics for the Global OTC Derivatives Interest Rate Trade Reporting Repository
TriOptima announced that it has posted the first public reports for the OTC derivatives interest rate swap market on the Global OTC Derivatives Interest Rate Trade Reporting Repository (IR TRR) webpage http://www.trioptima.com/irtrr. The total notional amounts outstanding for all interest rate derivative transactions reported by the G-14 financial institutions was $448.7 trillion with interest rate swaps the largest component at $322.2 trillion as of March 31, 2010.
The G-14 financial institutions have been reporting market volumes for their entire OTC interest rate derivative trade portfolios to international regulators through the IR TRR since January 15th. The volumes include both cleared and non-cleared interest rate trades with G-14 institutions, buy side organizations, and other financial and non-financial institutions.
Beginning April 29th, the IR TRR is making aggregate market information available to the public summarizing the notional amounts and trade count by product type in USD; by currency in local currency and USD equivalent; and by tenor for each product type. Reports will be posted monthly on the website. Product types include caps/floors, forward rate agreements, options, swaps, swaptions, and cross currency swaps.
“This is an important step in the industry’s continued efforts to provide additional transparency in the OTC derivatives marketplace,” said David Halliden, Chairman of the IR TRR Governance Committee and Executive Director at J.P. Morgan, “Strong partnership between global regulators, major banks, buy-side firms and TriOptima has ensured we can achieve these goals quickly and efficiently.”
“We are pleased to support the important work of the Governance Committee and global regulators,” said Brian Meese, TriOptima CEO. “We look forward to further collaborative efforts that will benefit the market, improve post trade transparency and provide regulators with the information they require.”
Following a request for proposal process, representatives from sell side and buy side institutions comprising ISDA’s Rates Steering Committee selected TriOptima to provide the IR TRR in October 2009.
Notes to editors
G-14
The G-14 financial institutions include: Bank of America-Merrill Lynch, Barclays Capital, BNP Paribas, Citi, Credit Suisse, Deutsche Bank AG, Goldman Sachs & Co, HSBC Group, J.P. Morgan, Morgan Stanley, The Royal Bank of Scotland Group, Societe Generale, UBS AG, Wells Fargo Bank, N.A.
About TriOptima
TriOptima, an ICAP Group company, is the award-winning provider of OTC derivatives infrastructure services including triReduce, triResolve, and the Global OTC Derivatives Interest Rate Trade Reporting Repository (IR TRR).
triReduce, the portfolio compression service for OTC derivative dealers, pioneers technology that eliminates risk and reduces operational and capital costs. Serving over 150 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. triReduce offers compression cycles in single name and index CDS swaps worldwide, IRS swaps in 23 currencies and a range of energy derivatives.
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 5.5 million trades representing over 75% of all non-cleared 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 London, New York, Singapore, Stockholm, and Tokyo.
http:// www.trioptima.com
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