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TriOptima launches OTC Derivatives Interest Rate Trade Reporting Repository for Banking Regulators

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TriOptima announced that banking regulators have received the first reports from the newly launched OTC Derivatives Interest Rate Trade Reporting Repository (the IR TRR). Fourteen major financial institutions submitted data for their non-cleared OTC interest rate derivatives trade portfolios covering trades with G-15 institutions, buy side organisations and other financial and non-financial institutions.

As of 15 January, regulators will receive a series of reports each month summarising market volumes for OTC interest rate derivatives showing outstanding trade volumes and gross notionals as well as currency breakdowns and maturity profiles by product type. All counterparty data has been anonymised to ensure client confidentiality and compliance with jurisdictional guidelines and regulations on privacy and confidentiality.

“We were able to work in concert with the OTC Derivatives Regulators’ Forum, major banks, buy-side firms and TriOptima to achieve a successful launch within very tight deadlines,” said Jon Eilbeck, chair of the ISDA Rates Steering Committee and chief operating officer for global rates at Deutsche Bank . “It demonstrates the industry’s ongoing commitment to enhancing the OTC derivatives infrastructure, reducing systemic risk and improving transparency in the OTC derivatives marketplace.”

“The ability to leverage the technical infrastructure of our existing triResolve platform was key to ensuring that the Interest Rate Trade Reporting Repository was operational by year end,” said Brian Meese, TriOptima CEO. “Our technology has proven extremely resilient in meeting the volume levels, data security standards and flexible reporting capabilities required by the financial institutions and the regulators. We look forward to continuing our close collaboration with industry and regulatory representatives to phase in additional reporting sources and outputs.”

The IR TRR holds summary transaction-level information for the full range of non-cleared OTC derivative interest rate transactions, including caps/floors, forward rate agreements, options, swaps, swaptions, and cross currency swaps. Plans for future phases are being discussed in the ongoing dialogue between market participants, global regulators and TriOptima.

Following a request for proposal process, representatives from sell side and buy side institutions comprising ISDA’s Rates Steering Committee selected TriOptima to provide the IR TRR in October.

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