TriOptima has eliminated JPY 271.6 trillion ($3 trillion) in cleared interest rate swap notional principal outstandings from LCH SwapClear, the largest ever triReduce compression cycle in JPY interest rate swaps.
Since TriOptima began offering its triReduce early termination service in JPY in 2004, almost JPY1,600 trillion ($18.3 trillion) in cleared and uncleared swaps have been eliminated.
“The banks, LCH SwapClear and TriOptima worked together to achieve these record-breaking results,” said Ken Nishimura, head of TriOptima Japan. “Contributing to the success of the cycle was an increase in participants as institutions recognize the benefits of compression. We anticipate continued expansion of the process in 2013.”
Compression services are offered through TriOptima’s triReduce service to swap market participants with significant two-way flow. In triReduce, participants are able to tear up their existing trades at their own mid mark-to-market valuations.
