Trioptima’s multilateral compression service, triReduce, eliminated $5.5 trillion in notional principal in the first three months of 2009. In a series of 12 compression cycles for US and European indices, tranches, ABX and emerging markets transactions, participants reduced even further the notional amounts outstanding.
"We have been pleased to support the dealers in their efforts to achieve significant reductions in CDS outstandings," said Ulf Andersson, business manager for triReduce. "Out of the approximately $7 trillion in notional reduction reported to the NY Fed for first quarter 2009, triReduce compression cycles contributed $5.5 trillion. We continue to schedule cycles to meet the needs of our clients."
In 2008 TriOptima offered 50 compression cycles in various credit default swap transaction types in USD, EUR and JPY which reduced outstandings by $30.2 trillion. It also offered 30 interest rate swap termination cycles in 19 currencies around the globe.
