CQS adopts TriOptima service for OTC derivatives portfolio reconciliation

Source: TriOptima

TriOptima today announced that CQS, a global alternative asset manager with $6.1 billion in assets under management, has joined triResolve, the leading portfolio reconciliation service for OTC derivatives.

CQS is one of many buy-side firms that have turned to triResolve to enhance their risk management and trade control capabilities.

"triResolve fits in nicely with our overall philosophy of OTC derivatives risk management," said Scott Carpenter, Head of Operations at CQS. "It is a valuable service not only for reconciling our OTC derivative trades but to monitor other activities such as keeping our own internal records in line with those at DTCC which helps with the central net settlement of CDS cashflows. triResolve also provides information highlighting trade discrepancies that facilitate timely and effective movement of collateral, and it was quick and easy to get started since it's an online service."

Currently, 5.2 million trades (10.4 million double counted) from 1750 legal entities are reconciled through triResolve. This represents 70-75% of all non-cleared OTC derivative transactions. Users include the Fed 16 banks, JPMorgan's Derivatives Collateral Management Group, asset management firms, hedge funds, and other international banks.

"We are pleased that CQS has decided to use triResolve after a rigorous evaluation process," said Viktor Johannsson, triResolve business manager. "triResolve is very attractive to buy-side firms because it offers sophisticated functionality including a fully-automated process for exchanging data with counterparties and advanced reporting including comprehensive analysis of mark-to-market value discrepancies versus counterparties. Also, having all their major counterparties in one place makes the reconciliation process very efficient."

In addition to all types of credit derivatives, triResolve participants submit all their fx, equity, commodity, energy, interest rate, and structured derivative trades as well as any other trades collateralized under a credit support agreement. Over 3.5 million trades are now reconciled daily on the triResolve service.

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