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Benchmark Your Operational Performance Against 500+ Peers
Introducing Operational Metrics: Gain a strategic view of your Rates, Equity, and Credit metrics with our new Operational Performance Metrics service. Optimise efficiency, reduce costs, and improve STP rates. Benchmark your post-trade performance against 500+ firms.
Insights 
Neil Murphy 
28 October 2024 
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.
 
Global Tier 1 Bank 
 
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.
 
US Bank 
 
OSTTRA MarkitWire CLS Connectivity Service: US Bank
Fully automated and configurable workflow for cross currency swap settlements via the market-leading platform - OSTTRA MarkitWire.
Insights 
 
17 September 2024 
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.
Insights 
Basu Choudhury 
4 September 2024 
OSTTRA speaks to e-Forex about FX Settlement Risk: Building industry consensus to address the problem
As FX trading faces the dual pressures of shortening settlement timelines and expanding volumes across a wider array of currency pairs, addressing FX settlement risk (also called Herstatt Risk) is becoming increasingly critical. OSTTRA provides expert insights to e-Forex on the industry's challenges, the path towards collaborative solutions and increasing the adoption of Payment versus Payment (PvP) settlement mechanisms.
Resources 
 
29 August 2024 
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, from Affirmation to XVA and Yearly Coupons, we decode the jargon for you, fostering collaboration and transparency in this intricate post-trade processing ecosystem.
Insights 
Basu Choudhury, Head of Partnerships and Strategic Initiatives at OSTTRA 
28 June 2024 
Herstatt Risk is No Old Hat, Half a Century on from Herstatt Bank Collapse
The 27th of June 2024 marked 50 years since the collapse of German-based Herstatt Bank showed financial institutions the drastic consequences of unchecked settlement risk in foreign exchange markets. But half a century on, ‘Herstatt risk’ – otherwise known as FX settlement risk – appears to be not just lurking but rising for financial institutions.
Press Releases 
 
26 June 2024 
CDOR countdown: OSTTRA powers through 300,000 trades in major benchmark shift
OSTTRA has processed over 300,000 cleared Canadian Dollar Offered Rate (CDOR) trades through CCP Sync on its MarkitWire platform for more than 60 customers over the past month, as the industry moves towards finalising the transition to Canadian Overnight Repo Rate Average (CORRA) on 28 June.
Insights 
Neil Taylor 
26 May 2024 
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.
Insights 
Magnus Jonsson & Neil Taylor 
24 May 2024 
Could Repo Compression Work for the Industry?
Derivatives compression at OSTTRA is a global success story. Over the last 25 years, we have reduced the derivatives notional exposure of dealers by trillions of dollars, reducing systemic risk and creating balance sheet savings for participants. But could compression apply to repo markets, how would it work and what could it save?
Insights 
Steven French 
22 May 2024 
If Amazon did T+1 Settlement: How Post-Trade Operations Are Moving Towards Real-Time Control
From monitoring bank balances to tracking package deliveries, we've grown accustomed to having information at our fingertips. But what about the state of post-trade operations in the capital markets? As regulations tighten and demands for efficiency are increased by the transition to one-day settlement cycles, the need for real-time visibility and control in post-trade operations is becoming paramount.
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 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
Looking ahead at the calendar of global events, 2024 is shaping up to be quite a big year. Elections in more than 20 countries, not least in the UK, US & India; ongoing geopolitical tensions and war; plus on the sporting front, the return of the Olympics to Paris for first time in 100 years. With all that going on, Neil Murphy, Business Manager at OSTTRA considers the key focus areas for Collateral Managers in 2024.
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.
News 
 
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 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…
As the deadline for USD LIBOR cessation fast approaches, we looked at the data to get the latest picture of North American IBOR reform as of the end of May 2023.
Insights 
Kirston Winters 
16 May 2023 
Brexit Impact on Trading Location: Global OTC IRS Markets – Q1 2023 Review
As Brexit continues to dent London’s historic dominance of euro swaps trading, the majority of on-venue business is fleeing to Wall Street, not Europe.
New data from OSTTRA MarkitWire found London trading venues’ share of the euro interest rate swap market slipped to just 14% in March. In the same period, US market share of on-venue euro swaps was 51%, the highest recorded share. In contrast, EU venues had just over a third (35%) – their lowest share since December 2020. Read the full report here.
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 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
Insights 
 
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
OSTTRA, the global post-trade solutions company, is enhancing its network to give market participants a real-time view into the status of Exchange Traded Derivative trades being cleared through Eurex.
The enhanced connectivity will enable Eurex to send investment managers booking confirmations for their allocations via OSTTRA ClientLink for ETD, delivering live status updates on which trades have been given up, claimed and cleared – providing trade certainty in fast-moving markets.
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
Insights 
 
11 October 2022 
Trade Refactoring Unlocks Additional Compression Benefits
Insights 
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.
News 
 
14 July 2022 
OSTTRA becomes a Derivatives Market Institute for Standards (DMIST) ambassador
Insights 
 
 
Portfolio Reconciliation and Collateral Update: Phase 6 UMR special
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
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.
Insights 
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
Insights 
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...
 
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
Insights 
 
22 March 2022 
UMR Phase 6 – Am I Too Late?
Insights 
 
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
News 
 
15 December 2021 
OSTTRA Expands Cash PB Matching Service to Clear OTC Equities in Readiness for CSDR
Insights 
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
Insights 
 
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
News 
 
 
TriOptima wins LIBOR Solution of the Year award at Asia Risk Awards 2021
Insights 
Kirston Winters 
14 October 2021 
IBOR reform: Q3 2021 review – SORA, SARON, TONA and SOFR are the big movers…
Insights 
OSTTRA 
12 October 2021 
Best FX compression & optimization service – FX Markets e-FX Awards 2021
Insights 
OSTTRA 
8 October 2021 
Collaboration is King at FIA IDX 2021
Resources 
 
 
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...
Insights 
 
25 August 2021 
FX Credit risk – The solution is simple if everyone is on the same page
Insights 
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
Insights 
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
Insights 
 
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!
Insights 
 
30 April 2021 
Why digitisation of legal agreements is the key to unlocking the challenges of FX credit
Insights 
 
19 March 2021 
SA-CCR changes the game, but will it change how you play it?
Insights 
 
23 February 2021 
UMR: Time is of the essence when it comes to FX data and analytics
Insights 
 
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.
Insights 
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
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.
Insights 
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...
Services