TriOptima announces today that 12 participants eliminated 902.3 Billion NZD ($590.2 Billion) in the first NZD compression cycle in LCH.Clearnet’s SwapClear. According to SwapClear, this represents 30% of the NZD notional and 35% of the NZD line items outstanding in the clearinghouse.
“The significant results in this cycle reflect the effect of unlinking trades in SwapClear and the compression efficiency achieved when trades are concentrated in one book rather than dispersed across many trading books in an organization,” said Peter Weibel, CEO of triReduce. “Recently we’ve seen similar results in SwapClear for South African Rand (ZAR) swaps where we eliminated 42% of the line items and 38% of the notional outstanding in SwapClear.”
“The introduction of NZD clearing is a great example of how SwapClear is delivering efficiencies across the regional currency mix,” said Marcus Robinson, Head of SwapClear, Australia. “The advantages to members and their clients of going well beyond the majors is clear in the marked uptick of clearing volumes.”
Currently TriOptima and LCH.Clearnet’s SwapClear offer compression cycles for 13 currencies: AUD Australian Dollar, CAD Canadian Dollar, CHF Swiss Franc, EUR Euro, GBP British Sterling, HKD Hong Kong Dollar, HUF Hungarian Forint, JPY Japanese Yen, NZD, PLN Polish Zloty, SEK Swedish Kroner, USD, ZAR.
