TriOptima Goes Live with The Australian Securities Exchange (ASX) For triReduce Compression Services

Rhea-AI Summary

TriOptima has launched its triReduce compression service with the Australian Securities Exchange (ASX), enabling firms to minimize or eliminate trades within the clearing house. This service aims to reduce cleared OTC derivatives portfolios, addressing capital pressures for banks. Philip Junod from TriOptima highlights the global reach of their service, while Allan McGregor of ASX emphasizes its role in lowering costs and operational risks for OTC clearing customers. The initiative aligns with domestic and global capital requirements, enhancing the efficiency of OTC derivatives trading.

Positive

• Launch of triReduce compression service with ASX enhances operational efficiency for clients.
• Service reduces capital and operational costs for OTC derivative trades.
• TriOptima's partnership with ASX expands its global service offerings.

Negative

• None.

LONDON and CHICAGO and SYDNEY, July 28, 2021 /PRNewswire/ -- TriOptima, a leading infrastructure service that helps to lower costs and to mitigate risk in OTC derivatives markets, announced today that the Australian Securities Exchange (ASX) has gone live with the triReduce compression service.

The service allows firms to reduce or eliminate their trades within the exchange's clearing house, including those trades with mismatched cash flow dates, thereby reducing the size of their cleared OTC derivatives portfolio. To manage capital pressures, local and global banks can now complete regular compression runs in the region and benefit from a reduction in capital, risk and operational costs.

"We are delighted to support ASX in offering compression to their clearing members. This further expands the list of clearing houses that TriOptima partners with, and is testament to our truly global service," said Philip Junod, Senior Director, triReduce and triBalance business management. "Regardless of where in the world market participants choose to clear, they can be confident of compressing their OTC trades to better manage their exposures."

"Compression services lower costs and drive operational efficiency for users of OTC derivatives," added Allan McGregor Senior Manager, Rates at ASX. "In partnership with TriOptima, ASX has invested in this critical service for our OTC clearing customers who are looking to reduce operational risk and lower capital costs in accordance with domestic and global capital requirements."

For more information on triReduce, visit www.trioptima.com/trireduce/trireduce-rates or contact us at info@trioptima.com.

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners. 

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SOURCE CME Group

FAQ

What is the triReduce compression service launched by TriOptima?

The triReduce compression service allows firms to reduce or eliminate trades within the ASX clearing house, thus lowering the size of their cleared OTC derivatives portfolio.

When did TriOptima launch the triReduce service with ASX?

The triReduce compression service was launched on July 28, 2021.

How does the triReduce service benefit banks?

Banks can complete regular compression runs, reducing capital, risk, and operational costs amid capital pressures.

Which company operates the triReduce service?

The triReduce compression service is operated by TriOptima, which is part of CME Group.

What are the implications of the triReduce service for OTC derivatives?

The service lowers costs and enhances operational efficiency for users, helping them to manage exposures better.