TriOptima, the post trade infrastructure provider owned by interdealer broker ICAP plc (LON:IAP), has announced that its triResolve Repository Reconciliation service is actively reconciling data reported to The Depository Trust & Clearing Corporation (DTCC)’s Global Trade Repository (GTR) by institutions regulated by the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC) and the Hong Kong Monetary Authority (HKMA).
DTCC’s GTR is a registered global trade repository in all three jurisdictions and enables parties who have reporting requirements under MAS, ASIC or HKMA to report derivatives contracts and meet their trade reporting obligations. triResolve receives reported data directly from DTCC’s GTR through an automated link. Over 20 firms are already using the triResolve service to verify the accuracy of the reported trade data.
Using an algorithmic matching process, triResolve matches and compares trade data reported to the trade repository to another data set sent to triResolve without the need for a common matching ID. Users can validate a repository record against an in-house record, reconcile both repository records or compare all three in one view. With tools to investigate and resolve differences users can validate and align their data to ensure reporting accuracy.
Peter Tierney, Head of DTCC’s GTR in Asia, said:
We continue to work closely with TriOptima to help our clients achieve greater operational efficiencies. Ensuring the quality of reported data through controls and reconciliation is a priority for us and the industry.
Raf Pritchard (pictured above), CEO of triResolve, said:
triResolve Repository Reconciliation has experienced significant growth as trade reporting has become more embedded across the globe. Regulators are currently focused on the accuracy of the reported data, and we are pleased to assist our clients with this. Our automated link to DTCC dramatically improves this process.
TriOptima provides post trade risk management services and infrastructure for OTC derivatives. Focused on reducing costs, eliminating operational and credit risk, improving counterparty exposure management, and reducing systemic risk, TriOptima offers a range of services: triReduce to reduce swap inventory and counterparty risk; triResolve to reconcile OTC derivative portfolios, manage disputes, validate repository data, and deliver an automated margin management solution; triBalance to manage cleared and bilateral counterparty risk; and triCalculate to measure and analyze counterparty risk. TriOptima maintains offices in London, New York, Singapore, Stockholm, and Tokyo.