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TriOptima and SwapClear include first client-cleared trades in triReduce swap compression cycle

First Published 24th October 2016

First client-cleared trades included in the most recent SwapClear compression cycle for Canadian Dollar (CAD) interest rate swaps.

Peter Weibel, triReduce

Peter Weibel, triReduce

London and New York - TriOptima, a provider of OTC derivatives post-trade risk management services and infrastructure, has announced that the first client-cleared trades were included in the most recent SwapClear compression cycle for Canadian Dollar (CAD) interest rate swaps. The entire CAD cycle had 18 participants who eliminated $1.38 trillion CAD (US$ 1.05) in notional principal.

Client-cleared trades are trades that a Clearing Broker or Futures Commission Merchant (FCM) clears on behalf of market participants who are not direct members of a CCP. Citi, for example, is one of the first clearing brokers to offer the service to its clients. Until now only direct members of SwapClear could compress trades using the multilateral, risk-constrained triReduce service.

"Including client-cleared trades increases the participant base in triReduce cycles and generates larger pools of eligible trades for compression, improving cycle efficiency and results for all participants," said Peter Weibel, CEO of triReduce.

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