In triReduce compression cycles, gross exposures are brought down towards each firm’s core net risk position. © 2020 CME Group Inc. All rights reserved. TriOptima Discusses Benchmark Conversion, Compression, Margin Rules. Our core focus has traditionally been the OTC swaps market as it’s the sector where compression brings the most benefit as a result of long-term rates with multi-year profiles. TriOptima, a CME Group company, won an Outstanding Project award for ‘Benchmark Transition Management’ and was highly commended in the ‘Initial Margin Compliance’ category in the 2nd Regulation Asia Awards for Excellence 2019 at a ceremony in Singapore on 13 November 2019. Registered Address: Mäster Samuelsgatan 17, 111 44 Stockholm, Sweden. triReduce Completes First Benchmark Conversion With SONIA Risk Replacement Trades. Access real-time data, charts, analytics and news from anywhere at anytime. TriOptima, a CME Group (LON:NXG) business which lowers costs and mitigates risk in OTC derivatives markets, has announced that it has set a new record for its triReduce portfolio compression service.. LeapRate reminds that triReduce compression service hit quadrillion dollar milestone in notional principal eliminated back in June 2017. TriOptima is a part of CME Group. Learn why traders use futures, how to trade futures and what steps you should take to get started. Benchmark conversion Reduce gross notional across ICE LIBOR swaps and the alternative benchmark. Lastly, our triBalance service has also recently expanded into commodity exposures. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. Risk-based constraints allow each participant to control the amount of conversion taking place. Convert remainder of ICE LIBOR swap exposure to the alternative benchmark. The triResolve Margin platform has approximately 220 subscribers now and about 30% of these are from Asia and are a mix of buy-side and sell-side participants. Compression for us is one key area where we significantly help Asian clients and in fact, we are the only compression provider for AUD, CNH, HKD, JPY, KRW, MYR, NZD, SGD, THB, TWD. It largely brings a lot of operational and cost efficiencies in optimising those exposures. As UMR moves into phase 5 and phase 6, more Asian based entities will come into scope. 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. In a situation where you have a lower inventory of transactions, and you’re governed by slightly different economics, the need to compress transactions has a different priority. Disclaimer  |  Privacy Policy  |  Cookie Policy  |  Terms of Use  |  Data Terms of Use  |  Modern Slavery Act Transparency Statement  |  Report a Security Concern. Bilateral net reductions increased by 135%, 40% more gross notional compressed … One of the judges highlighted that use triReduce compression and benchmark conversion to perform the “heavy lifting” frees up firms to address the issues of more complex trades. Get the latest TriOptima services news, product information and more. It increases the efficiency significantly. A portion of the remaining ICE LIBOR swap exposure, that cannot be compressed through terminating trades or amending their terms, can be converted to the new benchmark through the introduction of risk replacement trades in the alternative reference rate, as part of the regular triReduce compression cycles. “The triReduce benchmark conversion service has the capacity to run conversion alongside compression at scale, helping participants proactively reduce their exposure at the same time as increasing their adoption of the alternative reference rates in currencies impacted by benchmark reform.” GBP LIBOR Swaps) to RFR trades (e.g. The transition away from Libor, presents significant operational challenges for the many banks, swap dealers, hedge funds, asset managers, insurers and corporates to identify ways to convert their ICE Libor-linked trades in each jurisdiction. TriOptima has three key services where we’re providing clear efficiencies in this space. View all. After this first risk replacement compression cycle in sterling, triReduce will offer enhanced compression/benchmark conversion cycles in other currencies as the market need arises. Benchmark conversion 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. Understand how CME Group can help you navigate new initial margin regulatory and reporting requirements. Our triReduce team has invested a lot of time and effort into making the process itself more efficient, and we recently launched low-touch compression, the next evolution in the compression process which delivers improved usability, user transparency and full automation with API technology. The company is comprised of four Designated Contract Markets (DCMs). 'The triReduce benchmark conversion service has the capacity to run conversion alongside compression at scale, helping participants proactively reduce their exposure at the same time as increasing their adoption of the alternative reference rates in currencies impacted by benchmark reform.' Rowcliffe: We are always monitoring how the regulatory environment is evolving, and how the changes impact our clients. The triReduce compression services bring significantly enhanced value to what would be a largely manual and bilateral process. We have produced a triReduce Benchmark Conversion Q&A sheet with answers to the questions that were raised during the webinar. Historically, our clients were almost exclusively major sell-side institutions, using our services for their trading operations. The strength of our existing network and liquidity pool, coupled with the breadth of our service, provides a mechanism for us to assist market participants who do not traditionally use compression, including the buy-side. Rowcliffe: A significant part of the buy-side didn’t utilize compression because of the nature of their trades or the risk they had; they often had smaller scale and much more directional swap trades. When you think of TriOptima’s trading model, our network and multilateral underpinning creates significant volume growth as you add new participants to the network, and that’s what we’ve seen very much in regards to FX. How Covid-19 is impacting transition preparations, Modern Slavery Act Transparency Statement. Regulation Asia: What are some of the other ways TriOptima is helping market participants in Asia adapt to regulatory change? This is a unique differentiator from other vendors as it streamlines the workflow for clients entering and completing compression cycles. Bringing extra efficiency and operational lift is one of our core value propositions. Regulation Asia:  Why have the buy side only just begun to utilize compression? Understand how the bond market moved back to its normal trading range, despite historic levels of volatility. Learn how to transition your existing legacy OTC ICE LIBOR swap portfolios to the new alternative reference rates, or risk-free rates (RFRs). 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. ... Webinar: TriReduce Benchmark Conversion. The service is based on and embedded in the existing triReduce line-item compression service. Rowcliffe: TriOptima helps clients in Asia in several ways. triReduce completes first benchmark conversion with SONIA risk replacement trades Thirty two firms join AcadiaSoft and TriOptima's IM Phase 5 soft launch programme CME Group launches FX Options Volatility Converter tool FairXchange launches Pricing Stack Analysis : 556584-9758. TriOptima explains how it combines the reduction of gross notional exposure and the conversion of net risk exposure to deliver outsized results, partnering its portfolio compression network with core net ICE Libor over-the-counter swap portfolios. Explore historical market data straight from the source to help refine your trading strategies. Scroll down to enter your details and watch the recording. We will explain how triReduce’s award-winning multilateral compression service will be adapted to assist the market and provide a proactive, orderly mechanism for conversion, available to all. In 2017, Andrew Bailey (UK FCA) announced that banks will no longer be required to contribute to ICE LIBOR fixings beyond the end of 2021. 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. Tighter limits will mean only termination of trades or amendment of terms take place, wider settings facilitate inclusion of risk replacement trades in a single cycle. Create a CMEGroup.com Account: More features, more insights, Maximize reduction of gross notional across ICE LIBOR swaps and the alternative benchmark. T: + 44 (0)20 7818 9000 E: info@trioptima.com. Stream live futures and options market data directly from CME Group. "The triReduce benchmark conversion service has the capacity to run conversion alongside compression at scale, helping participants proactively reduce their exposure at the same time as increasing their adoption of the alternative reference rates in currencies impacted by benchmark reform." Each party sets constraints on outright risk, as well as the basis risk between the various ICE LIBOR term rate tenors and the alternative benchmark, providing each firm with certainty throughout the conversion process on their risk impact. Should alternative benchmark term rates become available, risk and basis tolerances can be applied to control conversion into any new alternative rates. CME Group is the world's leading and most diverse derivatives marketplace. ... CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana. triReduce Completes First Benchmark Conversion with SONIA Risk Replacement Trades PR Newswire LONDON and NEW YORK, Oct. 29, 2020 LONDON... 30/10/2020 15:24:53 Cookie Policy +44 (0) 203 8794 460 Free Membership Login triReduce Completes First Benchmark Conversion with SONIA Risk Replacement Trades TriOptima, a leading infrastructure service that helps to lower … TriOptima, a leading infrastructure service that helps to lower costs and mitigate risk in OTC derivatives markets, announced the completion of the first triReduce enhanced compression cycle to include SONIA risk replacement trades. Simultaneous compression in the alternative benchmark helps keep overall gross notional down throughout the conversion process. More details here. Get the latest TriOptima services news, product information and more. Get quick access to tools and premium content, or customize a portfolio and set alerts to follow the market. triReduce’s benchmark conversion service offers users an iterative approach to mitigating uncertainty about the future of ICE Libor swaps. Determine your needs: ... TriOptima completed the largest-ever compression of FX forwards. SONIA swaps) within participants defined risk tolerances. As of late last year, we included gold as one of the asset classes in a triBalance initial margin optimisation cycle, as well as running margin optimisation across FX and commodities at the same time. Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX. “We are proud that another record compression year continues to help the industry achieve important capital and operational cost reductions,” said Peter Weibel, Co-CEO TriOptima. Vikash Rughani, triReduce and triBalance business manager, speaks with Risk.net about key industry concerns around the transition away from Libor, including how the discontinuation deadline will be impacted by the Covid‑19 pandemic, the benefits and challenges of pre-cessation triggers, and how firms are preparing for ‘big bang’ discounting switches. If you look outside of compression services, the other key regulatory drivers for us in the region and globally are the uncleared margin rules. Adoption of alternative RFRs in OTC IRS portfolios triReduce benchmark conversion: Transitioning OTC IR swaps onto the SONIA benchmark. While the issues in OTC swaps are widely known, the degree of understanding and adoption or extent of the impact varies across markets. 12 PM, BY: Another key service for us is triBalance, which allows clients - again using a multilateral liquidity pool and network - to optimise their counterparty risk exposures and margin across multiple asset classes. TriOptima AB. 27 March 2020 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. TriOptima's multilateral approach to portfolio compression is helping the sell-side and buy-side alike to reduce ICE Libor risk, optimise capital, and enhance operational efficiency. triResolve This is important for two reasons: firstly, it also allows more aggressive compression of outstanding ICE Libor swap inventories, and secondly, it provides for the replacement of ICE Libor swap trades with alternative reference rates while also reducing benchmark risk within the same process. This enables reuse of the mature triReduce processes for: Search our directory for a broker that fits your needs. “The triReduce benchmark conversion service has the capacity to run conversion alongside compression at scale, helping participants proactively reduce their exposure at the same time as increasing their adoption of the alternative reference rates in currencies impacted by benchmark reform.” 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 firm says this re cord, which represents an annual increase of 31% in terms of notional value, was driven by a combination of increased participation of … Org no. for Benchmark Conversion 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. 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. Rowcliffe: At TriOptima, we felt we had the basis for helping market participants transacting OTC swaps to achieve an efficient and orderly transition if they choose to move between benchmarks, based off our multilateral compression cycle pool, which forms the foundation of our existing compression services. We’re here to help you configure TriOptima’s services to work for you. Explore TriOptima's suite of risk mitigation, calculation and collateral services triReduce Multilateral portfolio compression Reduce notional outstandings and line items, while minimizing operational resources and risks. LONDON and NEW YORK, Oct. 29, 2020 /PRNewswire/ -- TriOptima, a leading infrastructure service that helps to lower costs and mitigate risk in OTC … Vikash Rughani, business manager at triReduce and triBalance, outlines a new approach enabling buy and sell-side participants to optimize the transition of legacy ICE LIBOR OTC swaps contracts to alternative reference rates. Through our triResolve and triResolve Margin services, we help clients reconcile their portfolios, calculate and reconcile initial margin with counterparties, minimise counterparty exposures, and optimise net funding amounts. This has been extending to prime brokers and executing brokers, bringing buy-side trades into scope. Regulation Asia: TriOptima will be 20 years old in 2020, how do you ensure the business continues to evolve and innovate? Benchmark conversion. Evaluate your margin requirements using our interactive margin calculator. All of those factors drive a desire or a need to compress portfolios. TriOptima Benchmark Conversion for CCP portfolios The new service converts legacy IBOR trades (e.g. TriOptima, a provider of multilateral compression services for OTC markets, set a new record for its triReduce portfolio compression service in 2018, having compressed $250 trillion gross notional value of trades at LCH SwapClear.. The power of a multilateral approach to compression, versus a bilateral approach, brings a number of benefits. The initial steps in becoming an Approved Compression Service Provider (ACSP) require LCH to review and agree that the potential ACSP will meet the following criteria: Meets the definition of SwapClear compression services as per LCH rulebook Regulation Asia sat down with Guy Rowcliffe, Global Head of Optimization Services at CME Group, to understand how its TriOptima business is supporting the market need for benchmark migration, along with its other regulatory driven initiatives. - TriOptima AB - Quantile Technologies Limited - Capitalab, a division of BGC Brokers L.P. "The triReduce benchmark conversion service has the capacity to run conversion alongside compression at scale, helping participants proactively reduce their exposure at … XVA and valuation Run XVA risk calculations and independent trade valuations. To mitigate concerns that market participants have concerned with TriOptima, triReduce has developed three solutions to aid the smooth adoption of SOFR based OTC swaps. Will be available to all market participants in 2020, Participants retain complete control of their market risk, Deep liquidity pool, proven process and established connectivity to CCPs and market infrastructure, Can support multiple benchmarks and term rates, as required. However, it’s not expected to be a one-time event - it is an iterative process, as various market participants gradually replace old ICE Libor exposures with new benchmark reference rates over time. TriOptima explains how it combines the reduction of gross notional exposure and the conversion of net risk exposure to deliver outsized results, partnering its portfolio compression network with core net ICE Libor over-the-counter (OTC) swap portfolios. TriOptima. PUBLISHED: The compression services we offer are designed to respond to increases in balance sheet pressures, leverage ratios and general collateral rules, which are common constraints on banks’ activities - whether they’re global banks or regionally based banks in Asia. Including buy-side participants widens the scope of impacted entities that we can include in the cycles. Hear from active traders about their experience adding CME Group futures and options on futures to their portfolio. We run offshore compression for non-deliverable CNY, INR AND KRW and are the only provider of cross-currency swap compression for USD/JPY, USD/KRW, USD/HKD, USD/CNH, USD/AUD, USD/SGD. Across the top 5 currencies, 85% of outstanding ICE LIBOR exposure is cleared. Regulation Asia: TriOptima was recently awarded ‘Outstanding Project’ for its benchmark conversion service. Operationally, being able to enter a compression exercise against multiple counterparties at the same time brings its own internal efficiencies on the client side. TriOptima explains how it combines the reduction of gross notional exposure and the conversion of net risk exposure to deliver outsized results, partnering its portfolio compression network with core net ICE Libor over-the-counter swap portfolios. This is a trend that’s currently accelerating as a result of the increased impact of G-SIBs [globally systemically important banks] – at which gross notional is highly determinative. Multilateral compression can help market participants to reduce their gross notional and line items while keeping their swap positions market risk neutral overall. Over the past 18 months we have focused on expanding into other asset classes, most notably FX, where we’ve seen particularly strong growth in the last six to nine months with volumes up about 70% from the previous year. 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2020 trioptima benchmark conversion