TriOptima today announced that the “Big Six” Canadian banks including Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank, and The Toronto-Dominion Bank have joined triResolve, the leading counterparty exposure management service for OTC derivatives including portfolio reconciliation, margin call management and dispute resolution.
“triResolve plays an important role in our OTC derivatives collateral management strategy,” said Tom O’Driscoll, Head of the Collateral Management Group (OTC), BMO Capital Markets. “Proactive portfolio reconciliation through triResolve enables us to identify trade discrepancies and resolve differences more quickly through its online network community. The service is also relied upon in connection with our dispute resolution process, and its reporting tools enhance our ability to provide helpful information to senior management.”
Currently, 6 million OTC derivative trades from 2,800 legal entities are regularly reconciled through triResolve. This represents 75% of all non-cleared OTC derivative transactions. Users include the G-14 banks, regional banks, hedge funds, asset management firms, asset servicers, and other buy side organizations.
“triResolve is very easy to implement and manage, and all our major counterparties are in one place,” said Patrick Dore, senior manager, Counterparty Risk Measurement and Analysis at National Bank of Canada. “The sophisticated analytical capabilities in triResolve provide significant benefits to other areas of the institution including product control and risk management.”
In addition to all types of credit derivatives, triResolve participants submit all their FX, equity, commodity, energy, interest rate, and structured derivative trades to the triResolve service for reconciliation. Over 6 million trades are now reconciled daily on the triResolve service.
“We are pleased that all of the six major Canadian Banks have joined the triResolve service,” said Raf Pritchard, ceo of TriOptima North America. “As the market moves toward more frequent reconciliation and tighter dispute resolution timeframes, triResolve offers a range of capabilities that enhance a firm’s collateral management process. In addition, as we build out the service, all users are able to take full advantage of the innovations as soon as they are introduced since they are implemented online.”
