TriOptima announces completion of first triReduce compression cycle for cleared SEK swaps in Nasdaq

Post trade infrastructure provider TriOptima, part of ICAP plc (LON:IAP), has announced that Nasdaq members completed the first successful compression cycle for cleared Swedish Krona (SEK) interest rate swaps. More than 40% of the cleared outstanding SEK swap inventory was eliminated in this first collaboration between Nasdaq and TriOptima.

Johan Rudén, Senior Vice President and Head of Nordic Fixed Income at Nasdaq, says,

“I’m very pleased to offer our members this service in collaboration with TriOptima. With the new capital requirements under Basel III, banks and clearing brokers need to look for additional ways to reduce exposures as well as notional outstanding on their balance sheets.”

Peter Weibel, CEO of triReduce, says,

“TriOptima’s collaboration with Nasdaq enables their clearing members to streamline their portfolios and increase their capital efficiencies while contributing to an overall reduction in systemic risk.”

Last month TriOptima announced that market participants have eliminated more than $750 trillion in notional principal outstanding via its multilateral compression service for OTC derivatives triReduce.

You can view the full announcement by clicking here.

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