Twenty-seven dealing institutions participated in the cycle.

Per Sjoberg, TriOptima's Executive Vice President, said: "Based on the June 2004 statistics published by the BIS, we estimate that the $1.7 trillion notional terminated represents 4.4% of the outstanding inter-dealer transactions in US dollars as of June 30, 2004. Participating on a regular basis in the triReduce service can have a real impact on managing the growth in swap portfolios. Also, the average maturity of a swap terminated in this triReduce cycle was 5.8 years, which significantly leverages the results for participants since capital and operational costs increase substantially with the length of a transaction."

Jeff Gore, Vice President of Derivative Operations at Wachovia Bank, said: "The number of players that TriOptima brought into this cycle really enhanced the termination results. We were able to eliminate a good number of trades in our portfolio which achieved significant reductions in operational costs and reduced our operational risk exposure."

TriOptima is planning another USD interest rate termination cycle in October. Other interest rate cycles planned in 2005 include GBP, CHF, CAD, Euro, and ZAR. Since its introduction in 2003, the triReduce interest rates service has terminated over 127,000 interest rate swap contracts in CAD, CHF, EUR, GBP, HKD, JPY, SGD, and USD with a notional principal outstanding of over $9.2 trillion and a gross mark-to-market value of $493 billion.