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      Compression & Optimisation Update – H2 2023

      14 Dec 2023

      In 2023, our commitment to innovation continued to drive positive transformation in derivatives markets. Our solutions are empowering market participants by simplifying workflows, reducing bank capital requirements, optimising counterparty exposure management, and facilitating a seamless transition from LIBOR.
      compression & optimisation newsletter h2 2023

      Featured topics

      Company News
      ‘Post-Trade ETD Provider of the Year’ at the FinanceFeeds Awards
      Resource
      EMIR Refit: Get ready with OSTTRA
      square benchmark cessation playbook preview-01
      Resource
      Interest Rate Benchmark Cessation Playbook
      Insights 
      Powered by OSTTRA triReduce & triBalance 
      25 September 2023 
      Conversion of non-cleared cross-currency swaps
      Our cross-currency swap conversion service offers proactive conversion of non-cleared cross currency swaps that reference legacy benchmarks.
      Insights 
       
      8 March 2024 
      Futureproofing Listed Derivatives:
      Building operational resilience across the market
      "Futureproofing Listed Derivatives Post-trade", produced by Acuiti in association with OSTTRA, is based on a survey and series of interviews with senior executives at 57 of the major sell-side and buy-side firms operating in listed derivatives.
      Press Releases 
       
      6 March 202406/03/2024 
      OSTTRA and Baton Systems partner to launch FX PvP service, mitigating settlement risk in FX markets
      OSTTRA, the global post-trade solutions company, today announced it has launched an on-demand payment-versus-payment (PvP) service, powered by Baton’s proven distributed ledger technology, designed to mitigate settlement risk in the US$2.2 trillion of daily FX turnover settled outside CLS.
      Insights 
       
      4 March 2024 
      New FINRA 4210 Margin Requirements – What Do Firms Need to Know?
      Following eight years of delay and postponement, the ‘4210’ rules finally come into effect 22 May 2024. In-scope firms with covered agency transactions, including To Be Announced (TBA’s), pool transactions & Collateral Mortgage Obligations (CMO’s) will become subject to daily margin requirements (or equivalent capital deductions).
      Case Studies 
      Pension Fund & Regional Banks 
       
      OSTTRA triCalculate: Initial Margin Analytics
      Our client who manages the derivatives trading desk at a large European insurance company needed a fast and efficient way of running ‘what-if’ initial margin...
      Insights 
      Neil Murphy 
      31 January 2024 
      2024 Outlook for Collateral Managers
      Insights 
       
      14 December 2023 - H2 2023 
      Compression & Optimisation Update – H2 2023
      In 2023, our commitment to innovation continued to drive positive transformation in derivatives markets. Our solutions are empowering market participants by simplifying workflows, reducing bank capital requirements, optimising counterparty exposure management, and facilitating a seamless transition from LIBOR.
      Insights 
       
      6 November 2023 
      Firms Seek Optimisation Gains as UMR and SA-CCR Bite
      A wider range of market participants is taking advantage of service providers such as OSTTRA’s optimisation cycles to drive margin and counterparty credit risk efficiencies across asset classes including FX, rates, equities, commodities and credit.
      Insights 
      Powered by OSTTRA triReduce 
      25 September 2023 
      Benchmark Conversion
      Manage the transition of legacy benchmarks in OTC swaps portfolios

      Eliminate legacy benchmark transactions from OTC swap portfolios whilst proactively and iteratively converting the remainder onto alternative reference rate benchmarks. OSTTRA's Benchmark Conversion cycles allows firms to manage the pace of their benchmark transition.
      Insights 
      Powered by OSTTRA triReduce & triBalance 
      25 September 2023 
      Multilateral Backloading for OTC IRS
      Our seamless mechanism for backloading trades into clearing or settlement venues
      Insights 
      Mattias Palm, Head of OSTTRA triReduce FX and Commodities  
      12 October 2023 
      Opposing Enron Effect on Energy Trading Puts Credit Risk Under the Spotlight
      Twenty-two years ago this month, the collapse of Enron sent shockwaves across various segments of the global financial industry..
      Insights 
       
      25 September 2023 
      Conversion of non-cleared cross-currency swaps
      Our cross-currency swap conversion service offers proactive conversion of non-cleared cross currency swaps that reference legacy benchmarks.
      Insights 
       
      29 September 2023 
      OSTTRA Awarded ‘Post-Trade ETD Provider of the Year’ at the FinanceFeeds Awards
      OSTTRA's ongoing efforts to simplify and optimise ETD post-trade processes have been recognised at the at FinanceFeeds Awards.
      Insights 
      Dai Yamashita 
      20 September 2023 
      XVA at the Forefront: Addressing Key Financial Challenges
      Dai Yamashita, Quantitative Analyst at OSTTRA guides us through the dynamic landscape of XVA, focusing on key themes that currently resonate within our customer base.
      News 
       
      11 July 2023 
      ICE Clear Europe Credit Clearing Closure Reaches 85% Completion Mark for Open Interest Transferred, with OSTTRA Moving $330 Billion So Far
      OSTTRA, the global post-trade solutions network, has completed its latest migration cycle run to move open interest (OI) out of ICE Clear Europe through its...
      Press Releases 
       
      7 June 202307/06/2023 
      OSTTRA Launches New Service for Cross-Currency Swap (CCS) Conversion From LIBOR to Risk-Free Rates
      OSTTRA, the global post-trade solutions company, today announced it has successfully delivered the first cross-currency swap conversions of USD/SGD swaps from SOR to SORA. The service will expand to cover other indices subject to cessation in the coming months.
      Insights 
      Kirston Winters 
      6 June 2023 
      IBOR Reform: USD LIBOR Deadline, Less Than a Month to Go…
      Insights 
      Kirston Winters 
      16 May 2023 
      Brexit Impact on Trading Location: Global OTC IRS Markets – Q1 2023 Review
      Insights 
       
      5 May 2023 - Q1 2023 
      Compression & Optimisation Update – Issue 1 2023
      2023 is bringing sweeping changes to the derivatives marketplace and our innovative solutions continue to help market participants simplify complexities and optimise resources by lowering bank capital requirements, optimising counterparty exposure management, managing the Libor transition and providing the market with an orderly exit of ICE Clear Europe credit clearing.
      Press Releases 
       
      4 May 202304/05/2023 
      OSTTRA transfers $190 billion of open interest to support the ICE Clear Europe credit clearing closure
      OSTTRA, the global post-trade solutions company today announced that its counterparty risk optimisation service, OSTTRA triBalance, has successfully completed five of a series of rebalancing cycles, reducing open interest and moving residual positions to alternative clearing houses ahead of the closure of the CDS clearing service at ICE Clear Europe later this year.
      Insights 
      Kirston Winters 
      4 May 2023 
      IBOR reform: USD LIBOR deadline, the big one approaches…
      Insights 
       
      18 April 2023 
      Portfolio Reconciliation & Collateral Management Update Issue 1 – 2023
       
       
      13 April 2023 
      Preparing for further Index Cessation
      Article 
       
      3 April 2023 
      UMR untangled
      Case Studies 
      Leading Regional Banks & Asset Managers 
       
      OSTTRA triCalculate XVA Calculations
      Our client, who manages rates volatility and the bank’s XVA book from within the Fixed income desk, required fast and efficient calculations in order...
      Press Releases 
       
      9 March 202309/03/203 
      OSTTRA and FIA’s DMIST Partner with Key Industry Participants to Establish ETD Post-trade Data Standards
      OSTTRA, the global post-trade solutions company and a member of the FIA’s Derivatives Market Institute for Standards (DMIST), confirmed they are working with DMIST members to identify a data standard for post-trade processing of exchange traded derivatives (ETD). Significantly, as part of this process, OSTTRA has provided data that takes the industry much closer to defining this standard, as detailed in the soon to be released DMIST Annual Progress Report for 2023....
      News 
       
      6 March 2023 
      OSTTRA Capital Optimisation – Now with SwapAgent
      We are pleased to announce that the OSTTRA triBalance Capital Optimisation service is now live with SA-CCR optimisation of settled-to-market netting sets by..
      Insights 
       
       
      Combined 24hr FX Optimisation and Compression cycles
      Customers can optimise on multiple risk factors simultaneously whilst also benefiting from  compression to minimise gross notional..
      Insights 
       
      1 February 2023 
      2022 USD LIBOR Benchmark Conversion in Review
      Following the cessation events of LIBOR in CHF, EUR, GBP & JPY at the end of 2021m, focus turned to managing down outstanding exposures to USD-LIBOR in 2022.
       
      Erik Petri 
       
      Managing CCR to reduce the all-in cost of OTC derivatives portfolios
      There are a multitude of risk factors that contribute to the cost of trading OTC derivatives and maintaining a derivatives portfolio over time. As the industry transitions to the risk-based calculation method for capital requirements, referred to as SA-CCR, or Standardised Approach to Counterparty Credit Risk, we examine how counterparty credit risk contributes to these costs by highlighting the intricacies involved in OTC credit risk management.
       
      Large Regional Bank 
       
      SWIFT automation for Collateral Managers
      In-house solution used for collateral management with manual exchange...
      Insights 
      Neil Murphy, Business Manager OSTTRA triResolve 
      19 January 2023 
      2023 Outlook for Collateral Managers
      Collateral Managers have been balancing busy ‘to do’ lists in recent years. Much of this was derived from global Uncleared Margin Rules (UMR) which introduced new requirements to calculate and post Initial Margin (IM) and have occupied the OTC derivatives market since 2016. Following the passing of the last UMR phase in September 2022, many may have been looking forward to calmer times.
      Press Releases 
       
      18 January 2023 
      OSTTRA to provide real-time visibility of Eurex exchange-traded derivative trade status
      Insights 
       
      14 December 2022 - Q4 2022 
      Compression & Optimisation Update – Q4 2022
      This year has brought sweeping changes to the derivatives marketplace and our innovative solutions continue to help market participants simplify complexities and optimise resources by lowering bank capital requirements and optimising counterparty exposure management.
      Press Releases 
       
      2 November 202202/11/2022 
      Compression service by OSTTRA unlocks additional compression potential for G-SIBs
       
       
      25 October 2022 
      AsiaRisk Portfolio optimisation solution of the year – OSTTRA
      AsiaRisk explains why OSTTRA was the winner.
      Insights 
      Vikash Rughani & Peter Altero 
      12 October 2022 
      USD LIBOR Cessation: 2021 Blueprint Paves the Way but Requires Action Now
      Article 
       
      11 October 2022 
      Trade Refactoring Unlocks Additional Compression Benefits
      Article 
      Holly Bamford 
      4 October 2022 
      Leaving IBOR behind is taking longer for EUR equity swaps than JPY and USD trades, OSTTRA data shows
       
      Tom Woolfenden 
      22 September 2022 
      FCMs tap OSTTRA for FX Client Clearing
      FCMs continue to expand their use of OSTTRA Clearing Connectivity and OSTTRA LimitHub as a result of increased demand for FX Client Clearing. Adoption of the FX service allows FCMs to take advantage of cross-asset CCP Connectivity, at what could prove to be an inflection point for FX clearing as volumes continue to increase. The FCM can provide pre-trade or post-trade approval for FX, regardless of whether trades are executed in a cleared liquidity pool, and/or off venue.
      Company News 
       
      14 July 2022 
      OSTTRA becomes a Derivatives Market Institute for Standards (DMIST) ambassador
      Article 
       
       
      Portfolio Reconciliation and Collateral Update: Phase 6 UMR special
      Company News 
       
       
      Best FX post-trade provider: OSTTRA TriOptima
       
       
       
      Options to mitigate the challenges of index cessation fallbacks and conversion
      Case Studies 
       
      10 August 2022 
      J.P. Morgan FX Prime Brokerage full adoption of OSTTRA Designation Notice Manager
      Company News 
       
       
      TriOptima named Best Compression and Optimization Service
      Press Releases 
       
      2 August 202202/08/2022 
      OSTTRA and LCH SwapAgent collaborate to reconcile bilateral OTC trade data
       
       
       
      J.P. Morgan FX Prime Brokerage turns to OSTTRA to cut Designation Notice onboarding times
      FX prime brokers face cost and complexity challenges managing Designation Notices.
      Research & Analysis 
      Patrick Philpott 
      28 July 2022 
      OSTTRA sees 30.6% hike in NDF clearing volumes in H1 2022
      Press Releases 
       
      14 July 2022 
      OSTTRA launches new solution to digitise paper confirmations
      Press Releases 
       
      6 July 20226 July 2022 
      OSTTRA Streamlines Trade Reconciliation with Connectivity Between MarkitWire and triResolve
       
      Gemma Bailey & Neil Murphy 
      9 June 2022 
      Get ready for UMR phase 6 surprises
      Press Releases 
       
      17 May 202217 May 2022 
      OSTTRA to Launch Ground Breaking Repo Confirmations Service, Powered by MarkitWire
      Insights 
      Kirston Winters 
      10 May 2022 
      IBOR reform: LIBOR deadlines, where are we now – global outlook Q1 2022 review
      Insights 
      Kirston Winters 
      10 May 2022 
      Brexit impact on trading location: Global OTC IRS markets – Q1 2022 review
      Research & Analysis 
      Kirston Winters 
      10 May 2022 
      IBOR reform: LIBOR deadlines, where are we now – global outlook Q1 2022 review
       
      Neil Murphy 
      12 April 2022 
      Lessons from UMR phase 5
       
      Neil Murphy 
      12 April 2022 
      Automate today to prepare for initial margin compliance
      Press Releases 
       
      11 April 202211/04/2022 
      ISDA’s 2021 Definitions Hit Key Adoption Landmark
      ISDA and post-trade services provider OSTTRA have announced that the interest rate derivatives market has overwhelmingly transitioned to the 2021 ISDA Interest Rate Derivatives Definitions, hitting a key adoption landmark six months after implementation.

      All major central counterparties incorporated the new definitions into their rule books in the last quarter of 2021, meaning all legacy and new cleared trades reference the 2021 Definitions, accounting for approximately 75% of the total interest rate derivatives market. Latest figures from OSTTRA’s MarkitWire platform show that 68% of non-cleared interdealer and 65% of non-cleared client interest rate derivatives electronically confirmed on the platform also now reference the new definitions...
       
      Major global energy firm 
       
      OSTTRA triResolve Margin: Collateral Automation
      By leveraging the unique ability to combine reconciliation and margin data via OSTTRA triResolve and OSTTRA triResolve Margin...
      Insights 
      OSTTRA 
      28 March 2022 
      Your UMR questions – answered
      Article 
       
      22 March 2022 
      UMR Phase 6 – Am I Too Late?
      Article 
       
      17 March 2022 
      OSTTRA adds Support for Crypto Assets to FX Post-Trade Processing Services
       
      Major Japanese Bank 
       
      OSTTRA triResolve Margin: UMR compliance & SWIFT connectivity
      Ensuring they could manage all IM requirements from a single dashboard...
      Insights 
      Joanna Davies 
      9 March 2022 
      The next chapter in the saga of delayed ETD trade allocations
       
      North American Regional Bank 
       
      OSTTRA triResolve Margin: Preparing to Exchange IM
      The client was looking for support for both its existing VM and the new IM requirements..
       
      European Regional Bank 
       
      UMR Compliance: IM Monitoring Case Study
      Firm required to comply with uncleared margin rules (UMR) in phase 5...
      Insights 
      OSTTRA 
      14 February 2022 
      Looking ahead to the last phase of UMR
      Press Releases 
       
      9 February 2022 
      BidFX Connects to OSTTRA to Streamline OTC FX Client Clearing
      Insights 
      OSTTRA 
      7 February 2022 
      Enhanced ETD network streamlines post-trade processing
       
      Global Bank 
       
      Validation of production data ahead of CCP conversion event dress rehearsals
      2500+ trades successfully created and delivered in UAT
       
      Global Financial Institution 
       
      CCP technical testing in preparation for CCP transition events
      Press Releases 
      TriOptima 
      12 January 2022 
      TriOptima combines credit optimisation with compression to deliver major capital and initial margin funding benefits for banks
       
      G15 Bank 
       
      Novation and backloading of 70,000 trades for G15 bank restructure
      Streamlined, flexible bespoke project management
       
      Global Asset Manager 
       
      Trade novation to support Asset Manager merger
      Streamlined, flexible, bespoke project management
      Company News 
       
      15 December 2021 
      OSTTRA Expands Cash PB Matching Service to Clear OTC Equities in Readiness for CSDR
      Research & Analysis 
      Kirston Winters 
      14 December 2021 
      IBOR reform: LIBOR deadline approaches, flash update on progress in Q4
      Press Releases 
      Traiana 
      8 December 2021 
      Traiana Equity LimitHub service launched with BNP Paribas Securities Services to extend clearing of European OTC equities in support of CSDR
      Press Releases 
      TriOptima 
      1 December 2021 
      Osaka Exchange to compress index options powered by OSTTRA TriOptima
      Press Releases 
      TriOptima 
      17 November 2021 
      OSTTRA TriOptima launches credit optimisation service allowing banks to reduce cleared risk
      Article 
       
      3 November 2021 
      Collateral automation – if not now, when?
      Press Releases 
       
      28 October 2021 
      OSTTRA’s TriOptima launches trade refactoring solution to support notional reduction drive
      Company News 
       
       
      TriOptima wins LIBOR Solution of the Year award at Asia Risk Awards 2021
      Research & Analysis 
      Kirston Winters 
      14 October 2021 
      IBOR reform: Q3 2021 review – SORA, SARON, TONA and SOFR are the big movers…
      Article 
      OSTTRA 
      12 October 2021 
      Best FX compression & optimization service – FX Markets e-FX Awards 2021
      Article 
      OSTTRA 
      8 October 2021 
      Collaboration is King at FIA IDX 2021
      Webinar on-demand 
       
       
      Optimising Your Business Under the SA-CCR
      Our panel of experts consider the SA-CCR regulations and what they mean for participants in the OTC derivatives market, and take a closer look at the solutions available for proactive optimisation.
      Insights 
      Kirston Winters 
      9 September 2021 
      IBOR reform: Global IBOR transition – Q2 2021 review
      Insights 
      Kirston Winters 
      1 September 2021 
      Brexit impact on trading location: Global OTC IRS markets – Q2 2021 review
      Press Releases 
       
      1 September 2021 
      CME Group and IHS Markit Complete Joint Venture and Launch OSTTRA, a New Post-Trade Services Company
       
      Large Japanese dealer bank 
       
      Automated margin (VM & IM) solution for Dealer Bank
      After a review of their current external vendor solution, the Bank established...
      Article 
       
      25 August 2021 
      FX Credit risk – The solution is simple if everyone is on the same page
      Article 
      OSTTRA 
      16 August 2021 
      Solving the Domino Effect of Delayed Trade Allocations
       
      Mid-sized corporate 
       
      Centralising the reconciliation process for a US Corporate
      The firm now has access to all its counterparties in one place enabling automated, real-time dispute resolution
      Research & Analysis 
      Neil Murphy 
      9 July 2021 
      Time to act – Smart transitions to UMR compliance
       
       
      25 June 2021 
      Intelligent automation speeds up client onboarding to OSTTRA Designation Notice Manager
      Insights 
      Erik Petri 
      10 June 2021 
      The Great Balancing Act: A Discussion about the Interplay Between UMR and SA-CCR
      Over the last decade, global regulators have introduced several measures in the OTC derivatives market designed to increase financial market resiliency and mitigate counterparty credit risk – mandatory clearing, reconciliation and reporting, and uncleared margin rules, to name a few examples. The goal of these measures is to reduce counterparty risk, increase marketplace transparency, and prevent contagion.
      Insights 
      OSTTRA 
      9 June 2021 
      Mitigating the challenges of index cessation fallbacks and conversion
      Article 
       
      21 May 2021 
      FX PB credit: High time for the industry to come together
      Greater engagement is required from all counterparties and venues across the FX ecosystem to improve credit risk management, according to industry experts from the prime brokerage arms of J.P. Morgan, Citi Group, and BNP Paribas.
      Insights 
       
      6 May 2020 
      It’s Not All About SIMM vs. SCHEDULE!
      Article 
       
      30 April 2021 
      Why digitisation of legal agreements is the key to unlocking the challenges of FX credit
      Article 
      Basu Choudhury 
      28 April 2021 
      FX Credit – Central Utility Model
      Article 
       
      19 March 2021 
      SA-CCR changes the game, but will it change how you play it?
      Article 
       
      23 February 2021 
      UMR: Time is of the essence when it comes to FX data and analytics
      Article 
       
      1 April 2021 
      Delivering Certainty in Uncertain Times
      TriOptima explains how it combines the reduction of gross notional exposure and the conversion of net risk exposure to deliver outsized results, partnering its portfolio compression network with portfolios of legacy benchmark swaps.
      Article 
      Kirston Winters 
      20 January 2021 
      2021: Brexit, no equivalence and the day of the SEF
      Press Releases 
       
      12 January 2021 
      CME Group and IHS Markit to Form Leading Post-Trade Services Joint Venture for OTC Markets
      Company News 
      Neil Murphy 
      10 November 2020 
      Best compression/optimisation service for FX at FX Markets e-FX awards 2020
      As regulations targeting over-the-counter (OTC) derivatives continue to unfold and increase the pressure on portfolios, participants in the FX market are increasingly turning to services that will help them reduce their cost of capital and manage their exposure to counterparties.
      Article 
      Steven French 
      6 January 2020 
      Harnessing the benefits of more automated FX trade lifecycle operations
       
      Major international asset manager 
       
      Automated margin (VM & IM) solution for Asset Manager
      Key stakeholders identified a number of key advantages in OSTTRA triResolve Margin...
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