London and New York - TriOptima, the post trade infrastructure provider, has announced that Eurex Clearing members completed the first successful triReduce compression cycle for cleared euro (EUR) interest rate swaps (IRS). This was the first collaboration between Eurex Clearing and TriOptima.
Danny Chart, Eurex Group, Head of Sales Initiatives said: "With the EurexOTC Clear for IRS volumes continuing to grow at an impressive rate, the launch of our compression services with triReduce are an important part of our overall value proposition. As a cross asset class CCP we are able to deliver the highest levels of efficiency. We will continue to develop netting and compression services so that our members and their clients will be able to realise additional efficiencies when clearing more of their derivatives through Eurex Clearing, mitigating the impact of capital and balance sheet pressures."
"We are pleased that Eurex Clearing members now have the ability to compress their cleared trades through triReduce and achieve the capital and balance sheet benefits of reducing their outstanding notional volumes," said Peter Weibel, CEO of triReduce. "We look forward to regular compression cycles for Eurex Clearing members now that the triReduce compression infrastructure is in place."
Portfolio compression aims to reduce the size of an existing OTC IRS portfolio with respect to the number of trades and notional through early termination of existing trades. triReduce offers compression across a broad spectrum of products: cleared and uncleared interest rate products in 27 currencies, credit default swaps, commodity swaps, inflation swaps, cross currency swaps, and FX forwards.