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TriOptima Launches Initial Margin Tool TriOptima has launched triCalculate IM Analytics, a new tool to provide insight into the options for initial margin (IM) calculation, helps with the identification and prioritisation of in-scope counterparties and aids trading decisions to reduce future IM costs, the group says.The service supports organisations that are in-scope for Phases 4 and 5 of the IM requirements, which come into effect in 2019/20. These two phases are anticipated to pull in thousands of regional banks and buy side participants with portfolios above €750bn, and €8bn in notional value, respectively. Those coming into scope are faced with a variety of operational challenges around the calculation and exchange of IM.“With less than a year to go until the next IM tranche, regulators will expect to see tried and tested IM calculation models supported by data well in advance of the September deadline.
BitGo Partners with Genesis BitGo, a provider of cryptocurrency financial services, has partnered with Genesis Global Trading, an OTC digital currency trading firm, to provide clients with the ability to trade digital assets directly from BitGo custody.Through this partnership, client firms will be able to maintain assets in custody with BitGo Trust Company, a qualified custodian purpose-built for digital assets, while being able to get online, real-time pricing for buy and sell orders.Clients firms will also be able to execute transactions from cold storage without having to manage keys and can access Genesis’ liquidity through a network of trading partners with same day settlement directly through a BitGo Trust account.
GMEX Unveils Digital Wallet and Custody Solution GMEX Technologies (GMEX) has added two new products, ForumCustody and ForumWallet, to its Fusion product suite, thus providing digital custodian and vault capabilities. The firms says Fusion delivers digitally enabled hybrid trading and post trade solutions for exchanges, clearing-houses and central securities depositories (CSDs) taking advantage of the inherent positive characteristics of both centralised and distributed ledger technology. GMEX says that institutional investors are increasingly investing in digital assets and require custodians who are able to deliver exchange custody, self-custody or third-party management of their digital asset accounts.
TriOptima Compression Hit Record Levels in 2018 TriOptima, a provider of multilateral compression services for OTC markets, set a new record for its triReduce portfolio compression service in 2018, having compressed $250 trillion gross notional value of trades at LCH SwapClear.The firm says this record, which represents an annual increase of 31% in terms of notional value, was driven by a combination of increased participation of both dealers and their clients, increased trade submission to triReduce cycles and a wider adoption of the Trade Revision methodology, which improves compression efficiency by up to 50% by allowing a wider range of trade economics to be changed.“We are proud that another record compression year continues to help the industry achieve important capital and operational cost reductions,” says Peter Weibel, co-CEO at TriOptima.
Crypto Exchange Goes Live on OTCXN OTCXN, a blockchain-powered capital markets infrastructure company, has announced that Independent Reserve, a regulated cryptocurrency exchange that operates in Australia and New Zealand, has joined the OTCXN network. “We are excited to have Independent Reserve as the first exchange to go live on our network. Their forward-thinking management team was quick to see the benefits of joining OTCXN, where Independent Reserve’s order book is tradable by any institutional client on OTCXN’s global network without holding assets at the exchange. OTCXN brings exchanges the deepest institutional liquidity, increasing trading volume and ultimately increasing revenues and improving client execution,” said Rosario Ingargiola, CEO and founder of OTCXN.
MarketFactory Secures Investment MarketFactory has secured a strategic investment from Accel-KKR, a technology-focused investment firm based in Silicon Valley with over $5 billion in capital commitment. In a release issued today, MarketFactory says the funding will accelerate its expansion into new markets and services for currency traders globally.“MarketFactory’s platform provides detailed data about the currency market that helps traders to innovate. We are very excited to find the right partner in Accel-KKR who understands the market structure importance of our business and growth trajectory,” says Darren Jer, CEO and co-founder of MarketFactory.
SGX Completes First USD/CNH FlexC FX Futures Trade Singapore Exchange (SGX) has successfully completed the first USD/CNH Flexible FX futures trade.The transaction involved Bank of China (Singapore) and ICBC (Singapore) executing two CNH FlexC FX futurised swap trades on SGX. A total notional value of $8 million changed hands.“The transaction marks a major step forward in bringing together the listed and OTC markets in FX. With global regulatory initiatives such as Basel III and MIFID II coming into play, financial institutions are facing an increasing burden of capital requirements that include Leverage Ratio, Liquidity Coverage Ratio and Counterparty Credit Risk charges, as well as Uncleared Margin Rules (UMR) for OTC derivatives.
OTCXN Continues Growing its Network OTCXN, a blockchain-powered capital markets infrastructure company today announced that Fractal Wealth, a proprietary algorithmic trading firm that trades digital assets, has joined its network.This news comes just days after OTCXN revealed that OSL, an OTC digital asset brokerage company in Asia-Pacific, has also joined its network.“We are pleased to have Fractal Wealth join the OTCXN network. They represent a unique source of liquidity for our rapidly growing and diverse institutional client base. As an algorithmic trading firm, they will benefit from the ability to trade programmatically on OTCXN’s ECN, LiquiMatch. OTCXN’s aggregated liquidity spans both native, resting dark and lit orders, executable quote streams from major liquidity providers, plus institutional, as well as retail exchanges that have joined the network.
LCH Touts First Cross-Currency Swap Compression For the first time, trades registered in LCH’s SwapAgent service were successfully compressed in TriOptima’s multilateral USD/EUR cross-currency swap compression cycle. Using its triReduce compression service, €4.5 billion in notional of trades registered in SwapAgent were compressed. During the run, SwapAgent and non-SwapAgent trades were blended together to achieve better benefits from the compression.Compression is the process by which members can eliminate offsetting trades to reduce notional outstanding and the number of line items in a portfolio. Capital requirements such as those introduced under the Basel III leverage ratio have incentivised banks to reduce notional outstanding.
OTCXN Signs OSL as Crypto Liquidity Provider OTCXN, a blockchain-powered capital markets infrastructure company, announced that OSL, an OTC digital asset brokerage company in Asia-Pacific, has joined its network as a liquidity provider. “We are extremely pleased to have OSL join our network as a core liquidity provider. Having a major market participant like OSL providing liquidity on our network is a testament to the strength of our core value proposition – eliminating trading counterparty and settlement risk. The presence of key market participants like OSL accelerates market adoption and expansion of the OTCXN network to reduce risks and efficiently scale crypto trading across the entire ecosystem. We look forward to working closely with OSL to serve our mutual clients,” says Rosario Ingargiola, CEO and founder of OTCXN.