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Digital Operational Resilience Act (DORA)

Gain insights into the latest operational resilience trends and challenges.

OSTTRA Trade Manager

OSTTRA Trade Manager provides Investment Managers and Fund Administrators with consolidated post trade workflows and transparency across multiple asset classes.

Onboarding, Connectivity & Operations

Regulations and industry initiatives such as the move to T+1 settlement, Central Securities Depositories Regulation (CSDR), FIA DMIST “30-30-30” standard and the FX Global Code’s call for improvements in operational processes, technical infrastructure and timely confirmations are creating a ‘zero tolerance’ environment for trade breaks and system down time.

Insights

Margin and Risk Analytics

Review pre-trade margin and risk analytics and run pre-deal scenarios to understand the incremental costs of your trading decisions and optimise your IM exposures before trade execution.

Cash Flow Management

Match and affirm cash flows across all asset classes and counterparties, reducing manual processing and resolving breaks ahead of settlement.

Settlement Automation

Automated SWIFT settlement instruction across a range of product types including collateral, interest, cash flow, and repo.

PvP Settlement Orchestration

Complete Margin Management

Easily and efficiently manage your daily margin calls – including bilateral OTC, cleared, repo and ETD – all in one space.

Global Regime Rewrite

Global refits of regulatory reporting regimes are now in effect. Our services are ready for the new regimes..

SA-CCR

A low touch, cross-asset class optimisation service targeting multiple risk measures simultaneously.

Interest Rate Benchmark Cessation Playbook

Portfolio Compression

Reduce operational risk and cost by lowering gross notional and eliminating line items.

Initial Margin Compliance

Easily calculate your inputs, manage your margin calls and resolve your disputes with one simple trade file.

CSDR

Prevent trade fails that could lead to penalties under the Central Securities Depository Discipline Regime (CSDR)

Repo

Our network brings the Repo community together to automate post-trade workflows and reconciliations.

Trade Processing

Our processing services sit at the heart of the post-trade lifecycle across OTC and exchange traded derivative markets, standardising and automating workflows across asset classes.

Trade Capture

A network for sending and receiving notifications of execution between venues and counterparties for trade booking and onward processing.

Credit Management

Manage FX credit including monitoring, rebalancing, kill switches and documentation management.

Equity Derivatives

Fundamental to standardising Equity Swaps, Options and Synthetic Equity post-trade workflows. Pivotal to establishing transparency between counterparties. And essential to mitigating risk in settlement and counterparty credit.

Credit Derivatives

Critical to processing 99% of all bilateral Credit Derivatives traded worldwide. Pivotal to optimising CDS exposures. And instrumental in reconciling and reducing risk across institutional portfolios.

Commodities

From notifications to portfolio reconciliation, our network brings the Commodities community together to automate post-trade workflows.

Exchange Traded Derivatives

Intrinsic to simplifying and standardising Exchange Traded Derivatives processing – post-trade. Key to driving efficiencies and transparency between counterparties. And essential to optimising capital allocation and collateral management.

Counterparty Risk Optimisation

Optimise counterparty risk exposures and reduce the cost of funding IM and Capital requirements, while mitigating systemic risk. A multi-target solution for maximum efficiency.

Bonds

Our network connects counterparties to automate Bond trade processing and reconciliation.

Digital Assets

Connecting OTC crypto trading to established institutional post-trade workflows, giving full transparency and control.

Benchmark Reform

The financial markets have been on an incredible journey of transformation. Legacy benchmark rates, commonly referred to as the IBORs (Interbank Offer Rates), are being replaced with new alternative transaction-based benchmark interest rates in the majority of regions across the globe.

Post-Trade Risk Reduction Services

Our portfolio optimisation services help firms reduce a range operational, counterparty and basis risks in portfolios, while keeping overall market exposure unchanged.

Basis Risk Optimisation

Sophisticated and bespoke risk mitigation solutions powered by OSTTRA Reset, the most advanced matching engine on the market.

Foreign Exchange

Central to connecting thousands of counterparties worldwide. Pivotal in processing millions of trades every day. And critical to optimising and reconciling FX portfolios.

Interest Rate Derivatives

Critical to confirming and processing Interest Rate Derivatives. Pivotal to optimising trillions in notional outstanding. And instrumental in reconciling and reducing risk across global portfolios.

Initial Margin Monitoring

Is your firm in scope for UMR, but not expected to exceed the regulatory threshold for initial margin (IM) exchange until a much later date – if ever? If so, IM monitoring is a simplified option that can help you achieve regulatory compliance.

Cash Equity

From trade notifications to portfolio reconciliation and optimisation, our network brings the Cash Equities community together to automate post trade.

OSTTRA Trade Manager Paper Digitisation Module

OSTTRA Trade Manager provides Investment Managers and Fund Administrators with consolidated post trade workflows and transparency across multiple asset classes.

Portfolio Reconciliation

Multilateral, proactive portfolio reconciliation with streamlined exception management to resolve collateral disputes and differences, meeting regulatory requirements in a single platform. Reconciles bilateral, cleared, internal and exchange-traded products including collateral balances and all global repositories.

Collateral Management

Calculate and manage collateral requirements via our cross-product workflow. Full automation ensures high levels of STP & connectivity, allowing you to adopt an exceptions-based approach.

XVA Calculations

XVA risk calculations across credit, debt, funding, margin, capital and collateral for bilateral OTC derivatives.

Initial Margin Analytics

Simplify compliance to initial margin requirements with SIMM™ sensitivity calculations, IM analytics and IM backtesting from our easy-to-use, cost-effective service.

Credit Limit Management

Real time limit checking, delivering pre and post-trade certainty for OTC cleared trading activity.

Give Up Messaging

Our global network is essential to efficient triparty trading workflows, providing a single connection to give up trades in multiple asset classes across all prime and clearing broker relationships.

TradeServ Credit

OSTTRA Trade Processing for Credit has transitioned to its new technology platform, OSTTRA TradeServ.

Trade Processing for Repo

Streamlining Repo confirmation and lifecycle events to reduce operational cost and risk

SA-CCR

Initial Margin Preparation Guide

Our comprehensive preparation guide highlights the seven simple steps you need to take to facilitate compliance.

The Centre of Periodic Payments Messaging and Matching

Introducing Equity LimitHub

Contact

Contact OSTTRA.

Development

Articles:

OSTTRA triResolve Analytics

OSTTRA triResolve Dispute Manager

Managing XVA in a Changing World: Challenges and Opportunities

XVA (X-Valuation Adjustments) have become an essential part of risk management in modern finance, reflecting the all-in cost of trading derivatives. Used by a range of institutions, from global and regional banks to asset managers and energy companies, XVA calculations are becoming increasingly important. However, challenges in their use remain, including inconsistent approaches, outdated technology, regulatory changes and the need for greater transparency.

From Faxes to Fintech: OSTTRA MarkitWire – Reflecting on 20+ years of industry evolution

The financial markets have undergone a dramatic transformation in the past two decades, and OSTTRA MarkitWire has been at the forefront of this evolution. From its origins replacing fax-based confirmations to its current role as a leading fintech platform, OSTTRA MarkitWire has helped shape the post-trade landscape and actively participated in the evolution.

FX Options: Rising Activity Puts Post-Trade in Focus

A surge in electronic FX options trading is among the factors fuelling demand for efficiencies across the entire trade lifecycle, says Steve French, commercial lead, FX and securities, OSTTRA.

ISDA SIMM Version 2.7: How will the SIMM recalibration affect initial margin requirements?

The recalibration of the ISDA Standard Initial Margin Model (SIMM) reflects the latest market risk assessments and is set to go live on 7 December 2024. SIMM 2.7 is expected to reduce initial margin requirements for most market participants, as the delta risk weights for asset classes such as equity, commodities and qualifying credit have been significantly decreased.

OSTTRA and FIS Set to Transform Listed Derivatives Trade Processing

Compression & Optimisation Update – October 2024

So far, 2024 has been a stand-out year for OSTTRA triReduce and triBalance, resulting in record performance, innovation in new asset classes and products as well as notable award wins.

Benchmark Your Operational Performance Against 500+ Peers

Focusing on Collateral: It’s Not Just About the Back Office

Neil Murphy, business manager at OSTTRA triResolve Margin, explores the myriad demands of technology, compliance and risk, as well as key focus areas for 2025.

OSTTRA MarkitWire CLS Connectivity Service: Global Tier 1 Bank

Fully automated and configurable workflow for cross currency swap settlements via the market-leading platform - OSTTRA MarkitWire.

OSTTRA MarkitWire CLS Connectivity Service: US Bank

Fully automated and configurable workflow for cross currency swap settlements via the market-leading platform - OSTTRA MarkitWire.

OSTTRA tackles FX risk with new settlement orchestration and expanded optimisation tools

OSTTRA was named Best settlement orchestration initiative for its FX PvP settlement orchestration service, and OSTTRA triReduce was named Best compression/optimisation service for FX.

OSTTRA speaks to e-Forex about FX Settlement Risk: Building industry consensus to address the problem

Post-Trade Dictionary: Decode Industry Terms from A to Z with this Post-Trade Glossary

Navigate the complex world of post-trade with our comprehensive dictionary of industry terms and abbreviations. From A to Z, we decode the jargon, fostering collaboration and transparency in this intricate landscape.

Herstatt Risk is No Old Hat, Half a Century on from Herstatt Bank Collapse

Broadening the narrow spectrum of 18 currencies currently eligible for PvP settlement is a good place to start in tackling rising FX settlement risk, helping to address the growth of emerging markets and the swell of volumes in these non-PvP-protected currencies, says Basu Choudhury, Head of Partnerships and Strategic Initiatives at OSTTRA.

CDOR countdown: OSTTRA powers through 300,000 trades in major benchmark shift

What’s Next for Repo Post-Trade Workflows?

Dealers and clients will need to work at pace to streamline their operations as the market experiences complex operational challenges, says Neil Taylor, Head of Repo Business Development, OSTTRA, who explores the importance of investing in repo post-trade workflows.

Could Repo Compression Work for the Industry?

Derivatives compression at OSTTRA is a global success story but can it be applied successfully to repo?

If Amazon did T+1 Settlement: How Post-Trade Operations Are Moving Towards Real-Time Control

Conversion of non-cleared cross-currency swaps

Futureproofing Listed Derivatives:
Building operational resilience across the market

OSTTRA and Baton Systems partner to launch FX PvP service, mitigating settlement risk in FX markets

New FINRA 4210 Margin Requirements – What Do Firms Need to Know?

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...

2024 Outlook for Collateral Managers

Compression & Optimisation Update – H2 2023

Firms Seek Optimisation Gains as UMR and SA-CCR Bite

Benchmark Conversion

Multilateral Backloading for OTC IRS

Opposing Enron Effect on Energy Trading Puts Credit Risk Under the Spotlight

Conversion of non-cleared cross-currency swaps

OSTTRA Awarded ‘Post-Trade ETD Provider of the Year’ at the FinanceFeeds Awards

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.

ICE Clear Europe Credit Clearing Closure Reaches 85% Completion Mark for Open Interest Transferred, with OSTTRA Moving $330 Billion So Far

OSTTRA Launches New Service for Cross-Currency Swap (CCS) Conversion From LIBOR to Risk-Free Rates

IBOR Reform: USD LIBOR Deadline, Less Than a Month to Go…

Brexit Impact on Trading Location: Global OTC IRS Markets – Q1 2023 Review

Compression & Optimisation Update – Issue 1 2023

OSTTRA transfers $190 billion of open interest to support the ICE Clear Europe credit clearing closure

IBOR reform: USD LIBOR deadline, the big one approaches…

Portfolio Reconciliation & Collateral Management Update Issue 1 – 2023

Preparing for further Index Cessation

UMR untangled

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...

OSTTRA and FIA’s DMIST Partner with Key Industry Participants to Establish ETD Post-trade Data Standards

OSTTRA Capital Optimisation – Now with SwapAgent

Combined 24hr FX Optimisation and Compression cycles

2022 USD LIBOR Benchmark Conversion in Review

Managing CCR to reduce the all-in cost of OTC derivatives portfolios

SWIFT automation for Collateral Managers

2023 Outlook for Collateral Managers

OSTTRA to provide real-time visibility of Eurex exchange-traded derivative trade status

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.

Compression service by OSTTRA unlocks additional compression potential for G-SIBs

AsiaRisk Portfolio optimisation solution of the year – OSTTRA

USD LIBOR Cessation: 2021 Blueprint Paves the Way but Requires Action Now

Trade Refactoring Unlocks Additional Compression Benefits

Leaving IBOR behind is taking longer for EUR equity swaps than JPY and USD trades, OSTTRA data shows

FCMs tap OSTTRA for FX Client Clearing

OSTTRA becomes a Derivatives Market Institute for Standards (DMIST) ambassador

Portfolio Reconciliation and Collateral Update: Phase 6 UMR special

Best FX post-trade provider: OSTTRA TriOptima

Options to mitigate the challenges of index cessation fallbacks and conversion

J.P. Morgan FX Prime Brokerage full adoption of OSTTRA Designation Notice Manager

TriOptima named Best Compression and Optimization Service

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

OSTTRA sees 30.6% hike in NDF clearing volumes in H1 2022

OSTTRA launches new solution to digitise paper confirmations

OSTTRA Streamlines Trade Reconciliation with Connectivity Between MarkitWire and triResolve

Get ready for UMR phase 6 surprises

OSTTRA to Launch Ground Breaking Repo Confirmations Service, Powered by MarkitWire

IBOR reform: LIBOR deadlines, where are we now – global outlook Q1 2022 review

Brexit impact on trading location: Global OTC IRS markets – Q1 2022 review

IBOR reform: LIBOR deadlines, where are we now – global outlook Q1 2022 review

Lessons from UMR phase 5

Automate today to prepare for initial margin compliance

ISDA’s 2021 Definitions Hit Key Adoption Landmark

OSTTRA triResolve Margin: Collateral Automation

Your UMR questions – answered

UMR Phase 6 – Am I Too Late?

OSTTRA adds Support for Crypto Assets to FX Post-Trade Processing Services

OSTTRA triResolve Margin: UMR compliance & SWIFT connectivity

The next chapter in the saga of delayed ETD trade allocations

OSTTRA triResolve Margin: Preparing to Exchange IM

UMR Compliance: IM Monitoring Case Study

Looking ahead to the last phase of UMR

BidFX Connects to OSTTRA to Streamline OTC FX Client Clearing

Enhanced ETD network streamlines post-trade processing

Validation of production data ahead of CCP conversion event dress rehearsals

CCP technical testing in preparation for CCP transition events

TriOptima combines credit optimisation with compression to deliver major capital and initial margin funding benefits for banks

Novation and backloading of 70,000 trades for G15 bank restructure

Trade novation to support Asset Manager merger

OSTTRA Expands Cash PB Matching Service to Clear OTC Equities in Readiness for CSDR

IBOR reform: LIBOR deadline approaches, flash update on progress in Q4

Traiana Equity LimitHub service launched with BNP Paribas Securities Services to extend clearing of European OTC equities in support of CSDR

Osaka Exchange to compress index options powered by OSTTRA TriOptima

OSTTRA TriOptima launches credit optimisation service allowing banks to reduce cleared risk

Collateral automation – if not now, when?

OSTTRA’s TriOptima launches trade refactoring solution to support notional reduction drive

TriOptima wins LIBOR Solution of the Year award at Asia Risk Awards 2021

IBOR reform: Q3 2021 review – SORA, SARON, TONA and SOFR are the big movers…

Best FX compression & optimization service – FX Markets e-FX Awards 2021

Collaboration is King at FIA IDX 2021

Optimising Your Business Under the SA-CCR

IBOR reform: Global IBOR transition – Q2 2021 review

Brexit impact on trading location: Global OTC IRS markets – Q2 2021 review

CME Group and IHS Markit Complete Joint Venture and Launch OSTTRA, a New Post-Trade Services Company

Automated margin (VM & IM) solution for Dealer Bank

FX Credit risk – The solution is simple if everyone is on the same page

Solving the Domino Effect of Delayed Trade Allocations

Centralising the reconciliation process for a US Corporate

Time to act – Smart transitions to UMR compliance

Intelligent automation speeds up client onboarding to OSTTRA Designation Notice Manager

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.

Mitigating the challenges of index cessation fallbacks and conversion

FX PB credit: High time for the industry to come together

It’s Not All About SIMM vs. SCHEDULE!

Why digitisation of legal agreements is the key to unlocking the challenges of FX credit

SA-CCR changes the game, but will it change how you play it?

UMR: Time is of the essence when it comes to FX data and analytics

Delivering Certainty in Uncertain Times

2021: Brexit, no equivalence and the day of the SEF

CME Group and IHS Markit to Form Leading Post-Trade Services Joint Venture for OTC Markets

Best compression/optimisation service for FX at FX Markets e-FX awards 2020

Harnessing the benefits of more automated FX trade lifecycle operations

Automated margin (VM & IM) solution for Asset Manager