Dealers to Meet NY Fed Reconciliation Requirements as TriOptima Captures over 50% of Collateralised OTC Derivative Transactions.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- TriOptima announced that its portfolio reconciliation service, triResolve, is now regularly reconciling more than 50 percent of all collateralised OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). derivative transactions globally, up from 40 percent in June. The Operations Management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. Group (OMG (1) See Object Management Group. (2) "Oh my God!" See digispeak. OMG - Object Management Group ), an industry body including the leading dealers, committed to weekly proactive portfolio reconciliation by large portfolio holders of OTC derivatives by the end of 2008 in a July 31 letter to the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . With over half of all collateralised transactions now reconciled on triResolve, dealers look set to honour that commitment on time. Clients using triResolve include asset managers, hedge funds, investor service providers, 14 of the Fed 16 banks, and other sell-side institutions. More than 9 million trades from both sides of 1000 bilateral relationships are regularly reconciled on triResolve. "The benefits of portfolio reconciliation are significant in terms of mitigating risk and reducing operational challenges," said Eraj Shirvani, Managing Director and Head of European Credit at Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. . "Trioptima's work in this field is groundbreaking. It is critical that the industry work together to implement reconciliation capabilities more widely." Mr Shirvani is closely involved in a range of initiatives to mitigate credit and operational risk across the industry through his roles as Chairman of the International Swaps and Derivatives Association The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York, and has created a standardized contract (the ISDA Master Agreement) to enter (ISDA ISDA See: International Swap Dealers Association ), and as a Board member for both The Clearing Corporation and the Depository Trust & Clearing Corporation's DerivServ. Developed with guidance from several major OTC derivatives dealers, triResolve facilitates speedy resolution of collateral disputes by drilling down to the underlying causes of disagreement. triResolve transforms typical reactive, dispute-only reconciliations into proactive weekly and daily bilateral matching of trade portfolios. Viktor Johannsson, triResolve business manager, said, "In these times of market stress users of triResolve who have been actively reconciling for months are able to respond immediately to disputes and manage their credit exposures effectively. We offer the most flexible and comprehensive reconciliation service around. triResolve users will easily meet the OMG commitment to the NY Fed of weekly proactive reconciliation. In fact, as market events demand that daily reconciliations become the norm, that standard is easily achievable on triResolve." 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 more than 50% 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 Refers to the bare minimum of functions that are known to be available in an application or system. Contrast with bells and whistles. 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 (1) (Internet Content Adaptation Protocol) A high-level protocol for requesting services from an Internet-based server. iCAP provides a common format for requesting services using standard HTTP messaging. plc. |
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