TriOptima and DTCC have launched their data connectivity operations between DTCC’s Derivatives Repository Ltd (DDRL) and TriOptima’s triResolve portfolio reconciliation service.
The service provides daily reconciliation of over-the-counter (OTC) derivatives trades that are reported to DTCC’s European trade repository, as required under the European Market Infrastructure Regulations (EMIR).
Ian McLelland, CEO of DTCC’s European trade repository, said: “The connectivity to the triResolve service is an important partnership for DTCC. As Europe’s largest trade repository, we will continue to work with the industry, the regulatory community and our third party providers to promote greater common standards which will continue to improve the transparency and risk mitigation in the derivatives markets.”
Under EMIR, derivatives dealers have to report their OTC transactions, and are responsible for the accuracy of that data.
The TriResolve and DDRL partnership allows dealers and end users to compare and match DTCC’s records with internal records, simplifying the reporting process and allowing firms to identify and address discrepancies.
“Implementing this connectivity enables firms to use triResolve to efficiently verify data in the repositories,” said Raf Pritchard, CEO of triResolve.
He added: “This is an important tool to ensure accuracy of data in the repositories, a key regulatory goal.”
