TriOptima, the established service provider for early terminations of OTC derivatives portfolios, today announced that it has launched a new service, triResolve, for proactive portfolio reconciliations.
A group of major dealers, including Barclays, Goldman Sachs, Morgan Stanley,UBS Investment Bank, and Wachovia, are now using triResolve on a regular basis. Over 1.2 million unique trades were reconciled through triResolve in the first quarter of 2007.
triResolve transforms portfolio reconciliation into a proactive process. Regular, ongoing triResolve reconciliations can reduce collateral disputes, operational costs, and errors in credit exposure calculation. triResolve can be used to reconcile against a range of counterparties including dealers, fund managers and corporations.
triResolve is a web-based service where participants submit their entire bi-lateral portfolios comprised of all transactions covered under their collateral agreements. Portfolios are compared and the results of the match are immediately available on the triResolve website showing all trade details and valuations. Counterparties research and resolve their differences online through the innovative triResolve GUI. triResolve maintains previous data submissions and matches, so that only incremental discrepancies need to be addressed.
Per Sjoberg, TriOptima executive vice president, said, "We believe our new triResolve service will be welcomed by all types of institutions with collateral agreements. Our unique network approach, which provides data translation as part of the service, minimizes the effort needed to join triResolve. Global banks, regional banks, hedge funds, asset managers and corporates can all start using the service with a minimum of effort and expense."
The triResolve service provides significant functionality for resolving portfolio discrepancies, including on-line highlighting of issues and trade level chats between counterparties, as well as a range of management reports for tracking progress and analysing root causes generated from regular submission of data.