Singapore/Hong Kong, 14 November 2019 – TriOptima, a CME Group company, has 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.
Considered one of the largest operational challenges facing the financial industry in recent history, the transition away from Libor has requires banks, swap dealers, hedge funds, asset managers, insurers and corporates to identify ways to convert their Libor-linked trades into the alternatives in each jurisdiction.
As a leader in post-trade infrastructure, TriOptima is uniquely placed to support this mass need for benchmark migration. Specifically, the company is using its triReduce service to help firms to achieve orderly close-outs of Libor exposures through large scale multilateral portfolio compression, effectively reducing their gross notional while maintaining their core net risk positions.
The remaining Libor exposure that cannot be compressed is converted into trades that use alternative benchmarks – an approach that can be scaled to all currencies as new benchmark rates are ratified. Importantly, each firm is able to set risk constraints to control the pace of conversion.
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. “In view of the immense scale of work required of benchmark transition programmes, TriOptima brings tremendous value to the market, focusing not just on compliance but also optimisation,” another said.
In the Initial Margin Compliance category, TriOptima was highly commended for its collateral management service, triResolve Margin, which provides automated and exception-based margin processing, enabling now over 170 clients to increase operational efficiency, reduce costs and address the complexities of uncleared margin regulation, and the requirement to calculate and exchange collateral.
About the Regulation Asia Awards for Excellence 2019
Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
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