Trades in LCH SwapAgent compressed by TriOptima swap cycle
09 January 2019 London
Image: Shutterstock
Trades registered in LCH SwapAgent have been successfully compressed in TriOptima鈥檚 multilateral US Dollar/Euro cross-currency swap compression cycle for the first time.
Using its triReduce compression service, TriOptima registered 鈧�4.5 billion in notional of trades in SwapAgent.
Compression is the process by which members can eliminate offsetting trades to reduce notional outstanding and the number of line items in a portfolio.
Capital requirements such as those introduced under the Basel III leverage ratio have incentivised banks to reduce notional outstanding, LCH SwapAgent stated.
Nathan Ondyak, global head of LCH SwapAgent, said: 鈥淲e鈥檙e delighted to have worked with TriOptima to achieve this meaningful reduction in notional outstanding on behalf of our customers.鈥�
He added: 鈥淎s members continue to onboard and use LCH SwapAgent to standardise and improve the processing of non-cleared over-the-counter derivatives, we anticipate that uptake of these compression services will continue to grow.鈥�
Peter Weibel, co-CEO TriOptima, commented: 鈥淲e are pleased to expand our service to compress trades registered in SwapAgent. Our collaboration with LCH SwapAgent is an important addition to the multiple venues that are already supported by the triReduce compression service.鈥�
Using its triReduce compression service, TriOptima registered 鈧�4.5 billion in notional of trades in SwapAgent.
Compression is the process by which members can eliminate offsetting trades to reduce notional outstanding and the number of line items in a portfolio.
Capital requirements such as those introduced under the Basel III leverage ratio have incentivised banks to reduce notional outstanding, LCH SwapAgent stated.
Nathan Ondyak, global head of LCH SwapAgent, said: 鈥淲e鈥檙e delighted to have worked with TriOptima to achieve this meaningful reduction in notional outstanding on behalf of our customers.鈥�
He added: 鈥淎s members continue to onboard and use LCH SwapAgent to standardise and improve the processing of non-cleared over-the-counter derivatives, we anticipate that uptake of these compression services will continue to grow.鈥�
Peter Weibel, co-CEO TriOptima, commented: 鈥淲e are pleased to expand our service to compress trades registered in SwapAgent. Our collaboration with LCH SwapAgent is an important addition to the multiple venues that are already supported by the triReduce compression service.鈥�
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