Less than a year after its launch, the triReduce CLS Forward FX Compression Service – the first of its kind in the FX market – scooped Best Post-Trade Services Provider at the FX Week Awards 2016 after saving banks more than $66 billion in notional exposure.
Trade compression is a vital tool in portfolio and capital management. CLS and TriOptima partnered together to address a critical gap in the market, which has now been acknowledged by the judges of one of the FX industry’s most coveted awards.
The triReduce CLS FX Forward Compression Service combines CLS’s infrastructure and market connectivity with TriOptima’s triReduce compression product, and enables participants to reduce the gross notionals of their outstanding portfolios without fundamentally changing their market positions.
Launched at a time when international regulators encouraged compression services for non-centrally cleared OTC derivatives, the new service reduces operational, credit and counterparty risk for institutions and enhance capital efficiency. It is consistent with the goals of EMIR, Basel III and Dodd-Frank, all of which seek a more robust and transparent post-trade environment.
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