TriOptima, a CME Group company, and CLS, a market infrastructure delivering settlement, processing, and data solutions for the global FX market, have won ‘best new post-trade solution’ at the FTF Awards 2019. The award was voted for by market participants.
The win comes after a sustained period of growth for the triReduce CLS FX service which provides risk mitigation for the global FX community, combining TriOptima’s triReduce multilateral compression service with CLS’s infrastructure and market connectivity.
Over the past year, the triReduce and CLS teams have continued to collaborate with the FX derivatives community and infrastructure providers to further enhance and extend the service, leading to 30 new financial institutions on-boarding. Clients of the service have benefited from enhanced capital efficiency and leverage ratios, reduced operational risk and cost, in addition to being able to proactively manage credit risk without fundamentally changing their market positions.
“In response to capital rule changes and increased regulatory interest in FX compression, there is a heightened need for a flexible risk mitigation service for non-cleared OTC derivatives trades. We would like to thank our clients and FTF for recognizing our commitment to delivering the very best combined solution on the market. This award not only reinforces our market-leading position and collaboration with CLS, but also acknowledges the continual development of our service to the evolving needs of FX derivatives market participants” said Michael Modlock, Global Head of Sales and Relationship Management, triReduce.
The highly competitive FTF Awards are designed to celebrate and recognize the professionals, financial technology vendors, service providers, industry bodies and regulators that have made significant strides and noteworthy achievements in operational excellence during 2019.