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      Compression & Optimisation Update – H2 2023

      14 Dec 2023

      In 2023, our commitment to innovation continued to drive positive transformation in derivatives markets. Our solutions are empowering market participants by simplifying workflows, reducing bank capital requirements, optimising counterparty exposure management, and facilitating a seamless transition from LIBOR.
      compression & optimisation newsletter h2 2023

      Featured topics

      Company News
      ‘Post-Trade ETD Provider of the Year’ at the FinanceFeeds Awards
      Resource
      EMIR Refit: Get ready with OSTTRA
      square benchmark cessation playbook preview-01
      Resource
      Interest Rate Benchmark Cessation Playbook
      Press Releases 
       
      26 February 2026 
      Consortium of Global Banks Make Strategic Equity Investment in OSTTRA
      OSTTRA, a global post-trade solutions provider, announced today that Bank of America, Barclays, Citi, HSBC, UBS Investment Bank, and Wells Fargo (“the banks”), have jointly committed to making a strategic equity investment in OSTTRA. Funds managed by KKR, a leading global investment firm, will continue to be the majority owner of the company.
      Resources 
      Erik Tsang, Neil Taylor, Peter Altero, Vikash Rughani 
      23 February 2026 
      Navigating the Final Countdown to US Treasury Clearing: A Unified Path to Compliance
      Prepare for the upcoming mandatory clearing of US Treasury securities with OSTTRA. This resource outlines key considerations and details our developing solutions, including enhanced limit checks and trade processing, to help you navigate these regulatory changes.
      Insights 
       
      17 February 2026 
      Supporting Poland’s Benchmark Reform: OSTTRA MarkitWire adds POLSTR support
      OSTTRA MarkitWire is supporting Poland's benchmark reform efforts by launching support for Overnight Index Swap (OIS) transactions referencing the POLSTR index. This new capability aims to support the Q1 2026 implementation phase goal of increasing market liquidity by enabling banks to enter into and confirm POLSTR OIS bilateral derivatives.
       
      Carl Thornberg, Head of Optimisation and Analytics Technology, 
      4 February 2026 
      Why Do We Disagree? How AI Solves One of Post-Trade’s Most Persistent Challenges
      In post-trade operations, most problems are not caused by outright errors, they are caused by ambiguity. Trades that look different but are not wrong. Valuations that diverge for valid reasons. Numbers that do not line up, even though nothing has actually gone awry. At scale, that ambiguity is more than a nuisance - it becomes very expensive.
      Article 
      Carl Thornberg, Head of Optimisation and Analytics Technology  
      28 January 2026 
      The Power of Post Trade: How OSTTRA is leveraging AI to deliver value and confidence
      Artificial Intelligence is now a crucial, transformative force in the post trade ecosystem. At OSTTRA, our clear vision involves leveraging this technology to optimise processes, mitigate operational risks, and deliver unparalleled value and confidence to the global market. We are not simply integrating AI; we are strategically embedding it throughout our technology stack to solve high-stakes, real-world problems and fundamentally enhance the efficiency, accuracy, and security of client operations.
      Insights 
      Ryan Kelleher 
      16 January 2026 
      OSTTRA MarkitWire Automates Equity Digital Options (aka Binary Options) Confirmations
      OSTTRA is pleased to announce that our MarkitWire platform now provides full electronic confirmation for Equity Digital Options. This enhancement is specifically designed to reduce operational risk, eliminate manual touchpoints, and bring post-trade efficiency to this specialised market.
      Insights 
       
      18 December 2025 
      Trade Lifecycle Services Update – Winter 2025
      2025 has been a year of significant progress in collateral and portfolio reconciliation, and we’re thrilled to share some highlights. Looking ahead to 2026, we’re committed to further empowering market participants by simplifying workflows, reducing risk, optimising margin processing, and facilitating a seamless adoption of new regulations.
      Resources 
       
      16 December 2025 
      OSTTRA for ETDs: Streamlining Listed Derivatives Reconciliation
      Our automated ETD solution supports reconciliation, dispute management, margin and settlement, all in one place. Gain efficiency through a centralised global service where all your counterparties access a shared view.
      Insights 
      Adam Goran, Financial Quantitative Analyst 
      24 November 2025 
      Proactive IM Management in the Face of SIMM 2.8+2506
      The semi-annual recalibration of the ISDA SIMM model, version 2.8+2506 (reflecting data up to 30 June 2025), has been released and becomes effective on 6 December 2025. The OSTTRA triCalculate service has a sophisticated suite of tools designed to address these exact challenges.
      Insights 
      Michael Wilshere 
      19 November 2025 
      Post-trade Processing: The Next Horizon
      In the second of a two-part series, Michael Wilshere, Commercial Head of FX and Rates Trade Processing at OSTTRA, discusses the changing shape of post-trade and how market demand is shaping future innovation on OSTTRA MarkitWire and beyond.
      Insights 
      Basu Choudhury and Yasmine Blosse 
      7 November 2025 
      FX Settlement’s $50bn Problem: Why Regulators Are Embracing DLT While Firms Hesitate
      This article discusses how the latest regulatory developments around the globe accelerate the post-trade innovation roadmap and how to lower the barriers to adoption while ensuring operational continuity.
      Insights 
      Neil Murphy 
      28 October 2025 
      The Perfect Storm: Volatility, Margin Calls, and the Scramble for Liquidity
      When market volatility hits, routine margin calls can escalate into a "perfect storm," creating a cascade of liquidity challenges that reverberate throughout the financial system. Neil Murphy analyses the dynamics of volatility-driven margin calls, exploring their operational impact, the role of collateral, and the ever-present cost of funding.
      Press Releases 
       
      10 October 2025 
      KKR Completes Acquisition of OSTTRA from S&P Global and CME Group
      KKR, a leading global investment firm, today announced that investment funds managed by KKR have completed the acquisition of OSTTRA, a leading provider of post-trade solutions for the global OTC market, from S&P Global and CME Group. The terms of the deal for OSTTRA equalled total enterprise value at $3.1 billion.
      Press Releases 
       
      17 September 2025 
      OSTTRA introduces compression for USD/CNH cross currency swaps cleared at HKEX’s clearing house
      This expanded functionality further bolsters OSTTRA’s position as a leading provider of post-trade optimisation services in Asia.
      Press Releases 
       
      2 September 2025 
      OSTTRA Adds Eurex Clearing to OSTTRA triBalance Optimisation Service
      The collaboration will bring Eurex cleared contracts into market-leading counterparty risk exposure optimisation runs delivered by OSTTRA triBalance.
      Insights 
       
       
      ETD Update: Driving Post-Trade Efficiency for Listed Derivatives
      In this update, we are sharing news about powerful new features to enhance your post-trade processing. Explore a redesigned user interface, the significant impact of Order ID matching on trade accuracy, clearer commission and fee visibility, and our robust support for US Listed Options. These key updates are designed to optimize your efficiency and provide a clearer view of your operations.
      Insights 
      Neil Taylor 
      8 July 2025 
      OSTTRA MarkitWire and LimitHub: New Applications for Repo in an Agency Cleared World
      The introduction of agency clearing models, driven by the UST Clearing Mandate, necessitates a change to existing pre-trade processes and post-trade workflows. While existing market infrastructure supports a sponsored clearing model, changes will be essential to facilitate the required OTC style clearing workflows. OSTTRA’s established suite of services addresses these needs by providing a robust framework, capable of reliably supporting all required workflows.
      Press Releases 
       
      8 July 2025 
      EMIR Post Trade Risk Reduction Service Exemptions from ESMA and the FCA Come into Effect for OSTTRA
      OSTTRA services have been granted exemptions from mandatory clearing obligations under EMIR by the European Securities and Markets Authority (ESMA) and from the public reporting requirements under MiFIR by the UK’s Financial Conduct Authority (FCA).
      Resources 
       
      26 June 2025 
      Navigating Taiwan’s New Clearing Mandate for TWD IRS
      As part of broader efforts to strengthen financial market infrastructure and align with global best practices, Taiwan’s Financial Supervisory Commission (FSC) has mandated central clearing for Taiwan Dollar Interest Rate Swaps (TWD IRS), effective 1 July 2025.
      Insights 
       
      19 June 2025 
      SEB Optimises OTC Equity Derivatives Clearing with OSTTRA CCP Connect
      Skandinaviska Enskilda Banken AB (SEB) has partnered with OSTTRA to leverage our Equity CCP Connect service for OTC equity derivatives clearing, underscoring SEB's commitment to innovation and operational quality in their Prime Finance business.
      Press Releases 
       
      17 June 2025 
      OSTTRA, Baton and Partior Expand FX Settlement Ecosystem with Tokenised Commercial Bank Funds and 24/7 Access
      OSTTRA’s FX PvP settlement orchestration service grows as Partior Integrates with Baton’s institutional-grade distributed ledger technology (DLT), providing network participants opportunities to use tokenised commercial bank deposits for atomic PvP settlement and liquidity optimisation.
      News 
       
      3 June 2025 
      WatersTechnology Asia Awards 2025: Best middle-office platform—OSTTRA
      OSTTRA wins the best middle-office platform category in this year’s WatersTchnology Asia Awards by virtue of its ever-popular OSTTRA MarkitWire electronic platform developed to process OTC derivative trades, while simultaneously enhancing automation levels and reducing operational risk for user-firms.
      Press Releases 
       
      22 May 2025 
      Fnality Joins OSTTRA and Baton Systems’ FX PvP Network to Expand Settlement Choice and Bolster Liquidity Efficiencies
      OSTTRA’s FX PvP settlement orchestration service grows as Fnality collaborates with Baton’s distributed ledger technology (DLT) and becomes the first digital settlement system to be added to the network.
      Press Releases 
       
      14 April 2025 
      S&P Global and CME Group to sell OSTTRA to KKR for $3.1 billion
      S&P Global and CME Group today announced the signing of a definitive agreement to sell OSTTRA, a leading provider of post-trade solutions for the global OTC market, to investment funds managed by KKR, a leading global investment firm. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture.
      Insights 
       
      2 April 2025 
      From T+1 Settlement to the FX Global Code: Unlock Operational Excellence in Post-Trade
      Learn how OSTTRA’s Onboarding, Connectivity & Operations (OCO) suite can help streamline your post-trade processes, enhance operational resilience, and ensure seamless integration with your network, from Steve French, Commercial Head for FX & Securities.
      Insights 
       
      27 March 2025 
      From Rusty Bikes to Formula One: Upgrading Cash Flow Management in Derivatives Trading
      Traditionally, the back office has lagged behind the front office in technological advancements, hindering efficiency and accuracy in cash flow management. It's time to shift gears and unleash the full potential of automation, regardless of asset class or payment type.
      Insights 
      Dai Yamashita 
      20 March 2025 
      Navigating the Complexities of CVA Risk Capital Calculations: A Global Perspective
      Basel III capital rules now require banks globally to choose between the Basic Approach (BA-CVA) and the more risk-sensitive Standardised Approach (SA-CVA) for calculating Credit Valuation Adjustment (CVA) risk. Many institutions, particularly in the EU, have initially favoured BA-CVA due to lower implementation costs.
      Insights 
       
      18 February 2025 
      Cash Flow Management: Moving Away from Manual Workflows
      Efficient cash flow management is critical for market participants navigating ever-evolving post trade requirements. But existing workflows rely on manual processes, leading to errors and excessive operational demands. Tom Woolfenden, Product Design Director at OSTTRA, explores how OSTTRA Cash Flow Management is automating and streamlining operations for firms facing tight deadlines and complex processes.
      Resources 
       
      6 February 2025 
      OSTTRA MarkitWire for the Inter-Dealer Broker (IDB) and Trading Venue Community
      OSTTRA MarkitWire is a cornerstone of the over-the-counter (OTC) derivatives market providing comprehensive trade processing and workflow solutions. With a strong focus on automation and standardisation, the platform supports trade submission, affirmation, confirmation and clearing connectivity for more than 65 electronic brokers and regulated venues.
      Insights 
       
      29 January 2025 
      FX Global Code Revisions Put PvP Settlement in the Spotlight
      The revisions to the FX Global Code underscore a growing need to reduce settlement risk in an increasingly complex market. Basu Choudhury, Head of Partnerships and Strategic Initiatives at OSTTRA, examines the evolving expectations for firms under the latest revisions.
      Insights 
       
      16 January 2025 
      Beyond DORA: Building a Foundation for Lasting Operational Resilience in Post-Trade
      The DORA deadline on the 17th of January 2025 is a critical milestone for financial firms operating in the EU. But achieving true operational resilience goes beyond headline risks like cyber risk and checking boxes for compliance. It requires a proactive and holistic approach that anticipates and mitigates a wide range of potential disruptions.

      In this video, OSTTRA experts go beyond the immediate demands of DORA to explore the broader landscape of post-trade operational resilience.
      Insights 
       
      14 January 2025 
      Portfolio Reconciliation & Collateral Update – 2024 Round Up
      2024 was a year of significant progress in collateral and portfolio reconciliation, and we're thrilled to share some highlights.
      Resources 
       
       
      OSTTRA triResolve Analytics
      Resources 
       
       
      OSTTRA triResolve Dispute Manager
      Insights 
      Gemma Bailey 
      4 December 2024 
      Managing XVA in a Changing World: Challenges and Opportunities
      XVA (X-Valuation Adjustments) have become an essential part of risk management in modern finance, reflecting the all-in cost of trading derivatives. Used by a range of institutions, from global and regional banks to asset managers and energy companies, XVA calculations are becoming increasingly important. However, challenges in their use remain, including inconsistent approaches, outdated technology, regulatory changes and the need for greater transparency.
      Insights 
      Michael Wilshere, Commercial Head of Rates, Trade Processing 
      27 November 2024 
      From Faxes to Fintech: OSTTRA MarkitWire – Reflecting on 20+ years of industry evolution
      The financial markets have undergone a dramatic transformation in the past two decades, and OSTTRA MarkitWire has been at the forefront of this evolution. From its origins replacing fax-based confirmations to its current role as a leading fintech platform, OSTTRA MarkitWire has helped shape the post-trade landscape and actively participated in the evolution.
      Insights 
      Steve French 
      26 November 2024 
      FX Options: Rising Activity Puts Post-Trade in Focus
      A surge in electronic FX options trading is among the factors fuelling demand for efficiencies across the entire trade lifecycle, says Steve French, commercial lead, FX and securities, OSTTRA.
      Insights 
      Adam Goran, Financial Quantitative Analyst 
      20 November 2024 
      ISDA SIMM™ Version 2.7: How will the SIMM™ recalibration affect initial margin requirements?
      The recalibration of the ISDA Standard Initial Margin Model (SIMM™) reflects the latest market risk assessments and is set to go live on 7 December 2024. SIMM™ 2.7 is expected to reduce initial margin requirements for most market participants, as the delta risk weights for asset classes such as equity, commodities and qualifying credit have been significantly decreased.
      Press Releases 
       
      20 November 2024 
      OSTTRA and FIS Set to Transform Listed Derivatives Trade Processing
      OSTTRA and FIS partner to transform listed derivatives trade processing, bringing transparency and standardisation to the ETD post-trade lifecycle. The collaboration aims to optimise efficiency, accuracy, and data insights for market participants.
      Insights 
       
      31 October 2024 
      Compression & Optimisation Update – October 2024
      So far, 2024 has been a stand-out year for OSTTRA triReduce and triBalance, resulting in record performance, innovation in new asset classes and products as well as notable award wins.
      Resources 
       
      2 April 2025 
      Benchmark Your Operational Performance Against 1,200+ Peers
      Introducing Operational Metrics: Gain a strategic view of your Rates, Equity, and Credit metrics with our new Operational Performance Metrics service. Optimise efficiency, reduce costs, and improve STP rates. Benchmark your post-trade performance against 1,00+ firms.
      Insights 
      Neil Murphy 
      28 October 2024 
      Focusing on Collateral: It’s Not Just About the Back Office
      Neil Murphy, business manager at OSTTRA triResolve Margin, explores the myriad demands of technology, compliance and risk, as well as key focus areas for 2025.
       
      Global Tier 1 Bank 
       
      OSTTRA MarkitWire CLS Connectivity Service: Global Tier 1 Bank
      Fully automated and configurable workflow for cross currency swap settlements via the market-leading platform - OSTTRA MarkitWire.
       
      US Bank 
       
      OSTTRA MarkitWire CLS Connectivity Service: US Bank
      Fully automated and configurable workflow for cross currency swap settlements via the market-leading platform - OSTTRA MarkitWire.
      Insights 
       
      17 September 2024 
      OSTTRA tackles FX risk with new settlement orchestration and expanded optimisation tools
      OSTTRA was named Best settlement orchestration initiative for its FX PvP settlement orchestration service, and OSTTRA triReduce was named Best compression/optimisation service for FX.
      Insights 
      Basu Choudhury 
      4 September 2024 
      OSTTRA speaks to e-Forex about FX Settlement Risk: Building industry consensus to address the problem
      As FX trading faces the dual pressures of shortening settlement timelines and expanding volumes across a wider array of currency pairs, addressing FX settlement risk (also called Herstatt Risk) is becoming increasingly critical. OSTTRA provides expert insights to e-Forex on the industry's challenges, the path towards collaborative solutions and increasing the adoption of Payment versus Payment (PvP) settlement mechanisms.
      Resources 
       
      29 August 2024 
      Post-Trade Dictionary: Decode Industry Terms from A to Z with this Post-Trade Glossary
      Navigate the complex world of post-trade with our comprehensive dictionary of industry terms and abbreviations. From A to Z, from Affirmation to XVA and Yearly Coupons, we decode the jargon for you, fostering collaboration and transparency in this intricate post-trade processing ecosystem.
      Insights 
      Basu Choudhury, Head of Partnerships and Strategic Initiatives at OSTTRA 
      28 June 2024 
      Herstatt Risk is No Old Hat, Half a Century on from Herstatt Bank Collapse
      The 27th of June 2024 marked 50 years since the collapse of German-based Herstatt Bank showed financial institutions the drastic consequences of unchecked settlement risk in foreign exchange markets. But half a century on, ‘Herstatt risk’ – otherwise known as FX settlement risk – appears to be not just lurking but rising for financial institutions.
      Press Releases 
       
      26 June 2024 
      CDOR countdown: OSTTRA powers through 300,000 trades in major benchmark shift
      OSTTRA has processed over 300,000 cleared Canadian Dollar Offered Rate (CDOR) trades through CCP Sync on its MarkitWire platform for more than 60 customers over the past month, as the industry moves towards finalising the transition to Canadian Overnight Repo Rate Average (CORRA) on 28 June.
      Insights 
      Neil Taylor 
      26 May 2024 
      What’s Next for Repo Post-Trade Workflows?
      Dealers and clients will need to work at pace to streamline their operations as the market experiences complex operational challenges, says Neil Taylor, Head of Repo Business Development, OSTTRA, who explores the importance of investing in repo post-trade workflows.
      Insights 
      Magnus Jonsson & Neil Taylor 
      24 May 2024 
      Could Repo Compression Work for the Industry?
      Derivatives compression at OSTTRA is a global success story. Over the last 25 years, we have reduced the derivatives notional exposure of dealers by trillions of dollars, reducing systemic risk and creating balance sheet savings for participants. But could compression apply to repo markets, how would it work and what could it save?
      Insights 
      Steven French 
      22 May 2024 
      If Amazon did T+1 Settlement: How Post-Trade Operations Are Moving Towards Real-Time Control
      From monitoring bank balances to tracking package deliveries, we've grown accustomed to having information at our fingertips. But what about the state of post-trade operations in the capital markets? As regulations tighten and demands for efficiency are increased by the transition to one-day settlement cycles, the need for real-time visibility and control in post-trade operations is becoming paramount.
      Insights 
      Powered by OSTTRA triReduce & triBalance 
      25 September 2023 
      Conversion of non-cleared cross-currency swaps
      Our cross-currency swap conversion service offers proactive conversion of non-cleared cross currency swaps that reference legacy benchmarks.
      Insights 
       
      8 March 2024 
      Futureproofing Listed Derivatives:
      Building operational resilience across the market
      "Futureproofing Listed Derivatives Post-trade", produced by Acuiti in association with OSTTRA, is based on a survey and series of interviews with senior executives at 57 of the major sell-side and buy-side firms operating in listed derivatives.
      Press Releases 
       
      6 March 2024 
      OSTTRA and Baton Systems partner to launch FX PvP service, mitigating settlement risk in FX markets
      OSTTRA, the global post-trade solutions company, today announced it has launched an on-demand payment-versus-payment (PvP) service, powered by Baton’s proven distributed ledger technology, designed to mitigate settlement risk in the US$2.2 trillion of daily FX turnover settled outside CLS.
      Insights 
       
      4 March 2024 
      New FINRA 4210 Margin Requirements – What Do Firms Need to Know?
      Following eight years of delay and postponement, the ‘4210’ rules finally come into effect 22 May 2024. In-scope firms with covered agency transactions, including To Be Announced (TBA’s), pool transactions & Collateral Mortgage Obligations (CMO’s) will become subject to daily margin requirements (or equivalent capital deductions).
      Case Studies 
      Pension Fund & Regional Banks 
       
      OSTTRA triCalculate: Initial Margin Analytics
      Our client who manages the derivatives trading desk at a large European insurance company needed a fast and efficient way of running ‘what-if’ initial margin...
      Insights 
      Neil Murphy 
      31 January 2024 
      2024 Outlook for Collateral Managers
      Looking ahead at the calendar of global events, 2024 is shaping up to be quite a big year. Elections in more than 20 countries, not least in the UK, US & India; ongoing geopolitical tensions and war; plus on the sporting front, the return of the Olympics to Paris for first time in 100 years. With all that going on, Neil Murphy, Business Manager at OSTTRA considers the key focus areas for Collateral Managers in 2024.
      Insights 
       
      14 December 2023 - H2 2023 
      Compression & Optimisation Update – H2 2023
      In 2023, our commitment to innovation continued to drive positive transformation in derivatives markets. Our solutions are empowering market participants by simplifying workflows, reducing bank capital requirements, optimising counterparty exposure management, and facilitating a seamless transition from LIBOR.
      Insights 
       
      6 November 2023 
      Firms Seek Optimisation Gains as UMR and SA-CCR Bite
      A wider range of market participants is taking advantage of service providers such as OSTTRA’s optimisation cycles to drive margin and counterparty credit risk efficiencies across asset classes including FX, rates, equities, commodities and credit.
      Insights 
      Powered by OSTTRA triReduce 
      25 September 2023 
      Benchmark Conversion
      Manage the transition of legacy benchmarks in OTC swaps portfolios

      Eliminate legacy benchmark transactions from OTC swap portfolios whilst proactively and iteratively converting the remainder onto alternative reference rate benchmarks. OSTTRA's Benchmark Conversion cycles allows firms to manage the pace of their benchmark transition.
      Insights 
      Powered by OSTTRA triReduce & triBalance 
      25 September 2023 
      Multilateral Backloading for OTC IRS
      Our seamless mechanism for backloading trades into clearing or settlement venues
      Insights 
      Mattias Palm, Head of OSTTRA triReduce FX and Commodities  
      12 October 2023 
      Opposing Enron Effect on Energy Trading Puts Credit Risk Under the Spotlight
      Twenty-two years ago this month, the collapse of Enron sent shockwaves across various segments of the global financial industry..
      Insights 
       
      25 September 2023 
      Conversion of non-cleared cross-currency swaps
      Our cross-currency swap conversion service offers proactive conversion of non-cleared cross currency swaps that reference legacy benchmarks.
      News 
       
      29 September 2023 
      OSTTRA Awarded ‘Post-Trade ETD Provider of the Year’ at the FinanceFeeds Awards
      OSTTRA's ongoing efforts to simplify and optimise ETD post-trade processes have been recognised at the at FinanceFeeds Awards.
      Insights 
      Dai Yamashita 
      20 September 2023 
      XVA at the Forefront: Addressing Key Financial Challenges
      Dai Yamashita, Quantitative Analyst at OSTTRA guides us through the dynamic landscape of XVA, focusing on key themes that currently resonate within our customer base.
      News 
       
      11 July 2023 
      ICE Clear Europe Credit Clearing Closure Reaches 85% Completion Mark for Open Interest Transferred, with OSTTRA Moving $330 Billion So Far
      OSTTRA, the global post-trade solutions network, has completed its latest migration cycle run to move open interest (OI) out of ICE Clear Europe through its...
      Press Releases 
       
      7 June 2023 
      OSTTRA Launches New Service for Cross-Currency Swap (CCS) Conversion From LIBOR to Risk-Free Rates
      OSTTRA, the global post-trade solutions company, today announced it has successfully delivered the first cross-currency swap conversions of USD/SGD swaps from SOR to SORA. The service will expand to cover other indices subject to cessation in the coming months.
      Insights 
      Kirston Winters 
      6 June 2023 
      IBOR Reform: USD LIBOR Deadline, Less Than a Month to Go…
      As the deadline for USD LIBOR cessation fast approaches, we looked at the data to get the latest picture of North American IBOR reform as of the end of May 2023.
      Insights 
      Kirston Winters 
      16 May 2023 
      Brexit Impact on Trading Location: Global OTC IRS Markets – Q1 2023 Review
      As Brexit continues to dent London’s historic dominance of euro swaps trading, the majority of on-venue business is fleeing to Wall Street, not Europe.
      New data from OSTTRA MarkitWire found London trading venues’ share of the euro interest rate swap market slipped to just 14% in March. In the same period, US market share of on-venue euro swaps was 51%, the highest recorded share. In contrast, EU venues had just over a third (35%) – their lowest share since December 2020. Read the full report here.
      Insights 
       
      5 May 2023 - Q1 2023 
      Compression & Optimisation Update – Issue 1 2023
      2023 is bringing sweeping changes to the derivatives marketplace and our innovative solutions continue to help market participants simplify complexities and optimise resources by lowering bank capital requirements, optimising counterparty exposure management, managing the Libor transition and providing the market with an orderly exit of ICE Clear Europe credit clearing.
      Press Releases 
       
      4 May 2023 
      OSTTRA transfers $190 billion of open interest to support the ICE Clear Europe credit clearing closure
      OSTTRA, the global post-trade solutions company today announced that its counterparty risk optimisation service, OSTTRA triBalance, has successfully completed five of a series of rebalancing cycles, reducing open interest and moving residual positions to alternative clearing houses ahead of the closure of the CDS clearing service at ICE Clear Europe later this year.
      Insights 
      Kirston Winters 
      4 May 2023 
      IBOR reform: USD LIBOR deadline, the big one approaches…
      Insights 
       
      18 April 2023 
      Portfolio Reconciliation & Collateral Management Update Issue 1 – 2023
       
       
      13 April 2023 
      Preparing for further Index Cessation
      Insights 
       
      3 April 2023 
      UMR untangled
      Case Studies 
      Leading Regional Banks & Asset Managers 
       
      OSTTRA triCalculate XVA Calculations
      Our client, who manages rates volatility and the bank’s XVA book from within the Fixed income desk, required fast and efficient calculations in order...
      Press Releases 
       
      9 March 202309/03/203 
      OSTTRA and FIA’s DMIST Partner with Key Industry Participants to Establish ETD Post-trade Data Standards
      OSTTRA, the global post-trade solutions company and a member of the FIA’s Derivatives Market Institute for Standards (DMIST), confirmed they are working with DMIST members to identify a data standard for post-trade processing of exchange traded derivatives (ETD). Significantly, as part of this process, OSTTRA has provided data that takes the industry much closer to defining this standard, as detailed in the soon to be released DMIST Annual Progress Report for 2023....
      News 
       
      6 March 2023 
      OSTTRA Capital Optimisation – Now with SwapAgent
      We are pleased to announce that the OSTTRA triBalance Capital Optimisation service is now live with SA-CCR optimisation of settled-to-market netting sets by..
      Insights 
       
       
      Combined 24hr FX Optimisation and Compression cycles
      Customers can optimise on multiple risk factors simultaneously whilst also benefiting from  compression to minimise gross notional..
      Insights 
       
      1 February 2023 
      2022 USD LIBOR Benchmark Conversion in Review
      Following the cessation events of LIBOR in CHF, EUR, GBP & JPY at the end of 2021m, focus turned to managing down outstanding exposures to USD-LIBOR in 2022.
       
      Erik Petri 
       
      Managing CCR to reduce the all-in cost of OTC derivatives portfolios
      There are a multitude of risk factors that contribute to the cost of trading OTC derivatives and maintaining a derivatives portfolio over time. As the industry transitions to the risk-based calculation method for capital requirements, referred to as SA-CCR, or Standardised Approach to Counterparty Credit Risk, we examine how counterparty credit risk contributes to these costs by highlighting the intricacies involved in OTC credit risk management.
       
      Large Regional Bank 
       
      SWIFT automation for Collateral Managers
      In-house solution used for collateral management with manual exchange...
      Insights 
      Neil Murphy, Business Manager OSTTRA triResolve 
      19 January 2023 
      2023 Outlook for Collateral Managers
      Collateral Managers have been balancing busy ‘to do’ lists in recent years. Much of this was derived from global Uncleared Margin Rules (UMR) which introduced new requirements to calculate and post Initial Margin (IM) and have occupied the OTC derivatives market since 2016. Following the passing of the last UMR phase in September 2022, many may have been looking forward to calmer times.
      Press Releases 
       
      18 January 2023 
      OSTTRA to provide real-time visibility of Eurex exchange-traded derivative trade status
      OSTTRA, the global post-trade solutions company, is enhancing its network to give market participants a real-time view into the status of Exchange Traded Derivative trades being cleared through Eurex.
      The enhanced connectivity will enable Eurex to send investment managers booking confirmations for their allocations via OSTTRA ClientLink for ETD, delivering live status updates on which trades have been given up, claimed and cleared – providing trade certainty in fast-moving markets.
      Insights 
       
      14 December 2022 - Q4 2022 
      Compression & Optimisation Update – Q4 2022
      This year has brought sweeping changes to the derivatives marketplace and our innovative solutions continue to help market participants simplify complexities and optimise resources by lowering bank capital requirements and optimising counterparty exposure management.
      Press Releases 
       
      2 November 202202/11/2022 
      Compression service by OSTTRA unlocks additional compression potential for G-SIBs
       
       
      25 October 2022 
      AsiaRisk Portfolio optimisation solution of the year – OSTTRA
      AsiaRisk explains why OSTTRA was the winner.
      Insights 
      Vikash Rughani & Peter Altero 
      12 October 2022 
      USD LIBOR Cessation: 2021 Blueprint Paves the Way but Requires Action Now
      Insights 
       
      11 October 2022 
      Trade Refactoring Unlocks Additional Compression Benefits
      Insights 
      Holly Bamford 
      4 October 2022 
      Leaving IBOR behind is taking longer for EUR equity swaps than JPY and USD trades, OSTTRA data shows
       
      Tom Woolfenden 
      22 September 2022 
      FCMs tap OSTTRA for FX Client Clearing
      FCMs continue to expand their use of OSTTRA Clearing Connectivity and OSTTRA LimitHub as a result of increased demand for FX Client Clearing. Adoption of the FX service allows FCMs to take advantage of cross-asset CCP Connectivity, at what could prove to be an inflection point for FX clearing as volumes continue to increase. The FCM can provide pre-trade or post-trade approval for FX, regardless of whether trades are executed in a cleared liquidity pool, and/or off venue.
      News 
       
      14 July 2022 
      OSTTRA becomes a Derivatives Market Institute for Standards (DMIST) ambassador
      Insights 
       
       
      Portfolio Reconciliation and Collateral Update: Phase 6 UMR special
      News 
       
       
      Best FX post-trade provider: OSTTRA TriOptima
       
       
       
      Options to mitigate the challenges of index cessation fallbacks and conversion
      Case Studies 
       
      10 August 2022 
      J.P. Morgan FX Prime Brokerage full adoption of OSTTRA Designation Notice Manager
      News 
       
       
      TriOptima named Best Compression and Optimization Service
      Press Releases 
       
      2 August 202202/08/2022 
      OSTTRA and LCH SwapAgent collaborate to reconcile bilateral OTC trade data
       
       
       
      J.P. Morgan FX Prime Brokerage turns to OSTTRA to cut Designation Notice onboarding times
      FX prime brokers face cost and complexity challenges managing Designation Notices.
      Insights 
      Patrick Philpott 
      28 July 2022 
      OSTTRA sees 30.6% hike in NDF clearing volumes in H1 2022
      Press Releases 
       
      14 July 2022 
      OSTTRA launches new solution to digitise paper confirmations
      Press Releases 
       
      6 July 20226 July 2022 
      OSTTRA Streamlines Trade Reconciliation with Connectivity Between MarkitWire and triResolve
       
      Gemma Bailey & Neil Murphy 
      9 June 2022 
      Get ready for UMR phase 6 surprises
      Press Releases 
       
      17 May 202217 May 2022 
      OSTTRA to Launch Ground Breaking Repo Confirmations Service, Powered by MarkitWire
      Insights 
      Kirston Winters 
      10 May 2022 
      IBOR reform: LIBOR deadlines, where are we now – global outlook Q1 2022 review
      Insights 
      Kirston Winters 
      10 May 2022 
      Brexit impact on trading location: Global OTC IRS markets – Q1 2022 review
      Insights 
      Kirston Winters 
      10 May 2022 
      IBOR reform: LIBOR deadlines, where are we now – global outlook Q1 2022 review
       
      Neil Murphy 
      12 April 2022 
      Lessons from UMR phase 5
       
      Neil Murphy 
      12 April 2022 
      Automate today to prepare for initial margin compliance
      Press Releases 
       
      11 April 202211/04/2022 
      ISDA’s 2021 Definitions Hit Key Adoption Landmark
      ISDA and post-trade services provider OSTTRA have announced that the interest rate derivatives market has overwhelmingly transitioned to the 2021 ISDA Interest Rate Derivatives Definitions, hitting a key adoption landmark six months after implementation...
       
      Major global energy firm 
       
      OSTTRA triResolve Margin: Collateral Automation
      By leveraging the unique ability to combine reconciliation and margin data via OSTTRA triResolve and OSTTRA triResolve Margin...
      Insights 
      OSTTRA 
      28 March 2022 
      Your UMR questions – answered
      Insights 
       
      22 March 2022 
      UMR Phase 6 – Am I Too Late?
      Insights 
       
      17 March 2022 
      OSTTRA adds Support for Crypto Assets to FX Post-Trade Processing Services
       
      Major Japanese Bank 
       
      OSTTRA triResolve Margin: UMR compliance & SWIFT connectivity
      Ensuring they could manage all IM requirements from a single dashboard...
      Insights 
      Joanna Davies 
      9 March 2022 
      The next chapter in the saga of delayed ETD trade allocations
       
      North American Regional Bank 
       
      OSTTRA triResolve Margin: Preparing to Exchange IM
      The client was looking for support for both its existing VM and the new IM requirements..
       
      European Regional Bank 
       
      UMR Compliance: IM Monitoring Case Study
      Firm required to comply with uncleared margin rules (UMR) in phase 5...
      Insights 
      OSTTRA 
      14 February 2022 
      Looking ahead to the last phase of UMR
      Press Releases 
       
      9 February 2022 
      BidFX Connects to OSTTRA to Streamline OTC FX Client Clearing
      Insights 
      OSTTRA 
      7 February 2022 
      Enhanced ETD network streamlines post-trade processing
       
      Global Bank 
       
      Validation of production data ahead of CCP conversion event dress rehearsals
      2500+ trades successfully created and delivered in UAT
       
      Global Financial Institution 
       
      CCP technical testing in preparation for CCP transition events
      Press Releases 
      TriOptima 
      12 January 2022 
      TriOptima combines credit optimisation with compression to deliver major capital and initial margin funding benefits for banks
       
      G15 Bank 
       
      Novation and backloading of 70,000 trades for G15 bank restructure
      Streamlined, flexible bespoke project management
       
      Global Asset Manager 
       
      Trade novation to support Asset Manager merger
      Streamlined, flexible, bespoke project management
      News 
       
      15 December 2021 
      OSTTRA Expands Cash PB Matching Service to Clear OTC Equities in Readiness for CSDR
      Insights 
      Kirston Winters 
      14 December 2021 
      IBOR reform: LIBOR deadline approaches, flash update on progress in Q4
      Press Releases 
      Traiana 
      8 December 2021 
      Traiana Equity LimitHub service launched with BNP Paribas Securities Services to extend clearing of European OTC equities in support of CSDR
      Press Releases 
      TriOptima 
      1 December 2021 
      Osaka Exchange to compress index options powered by OSTTRA TriOptima
      Press Releases 
      TriOptima 
      17 November 2021 
      OSTTRA TriOptima launches credit optimisation service allowing banks to reduce cleared risk
      Insights 
       
      3 November 2021 
      Collateral automation – if not now, when?
      Press Releases 
       
      28 October 2021 
      OSTTRA’s TriOptima launches trade refactoring solution to support notional reduction drive
      News 
       
       
      TriOptima wins LIBOR Solution of the Year award at Asia Risk Awards 2021
      Insights 
      Kirston Winters 
      14 October 2021 
      IBOR reform: Q3 2021 review – SORA, SARON, TONA and SOFR are the big movers…
      Insights 
      OSTTRA 
      12 October 2021 
      Best FX compression & optimization service – FX Markets e-FX Awards 2021
      Insights 
      OSTTRA 
      8 October 2021 
      Collaboration is King at FIA IDX 2021
      Resources 
       
       
      Optimising Your Business Under the SA-CCR
      Our panel of experts consider the SA-CCR regulations and what they mean for participants in the OTC derivatives market, and take a closer look at the solutions available for proactive optimisation.
      Insights 
      Kirston Winters 
      9 September 2021 
      IBOR reform: Global IBOR transition – Q2 2021 review
      Insights 
      Kirston Winters 
      1 September 2021 
      Brexit impact on trading location: Global OTC IRS markets – Q2 2021 review
      Press Releases 
       
      1 September 2021 
      CME Group and IHS Markit Complete Joint Venture and Launch OSTTRA, a New Post-Trade Services Company
       
      Large Japanese dealer bank 
       
      Automated margin (VM & IM) solution for Dealer Bank
      After a review of their current external vendor solution, the Bank established...
      Insights 
       
      25 August 2021 
      FX Credit risk – The solution is simple if everyone is on the same page
      Insights 
      OSTTRA 
      16 August 2021 
      Solving the Domino Effect of Delayed Trade Allocations
       
      Mid-sized corporate 
       
      Centralising the reconciliation process for a US Corporate
      The firm now has access to all its counterparties in one place enabling automated, real-time dispute resolution
      Insights 
      Neil Murphy 
      9 July 2021 
      Time to act – Smart transitions to UMR compliance
       
       
      25 June 2021 
      Intelligent automation speeds up client onboarding to OSTTRA Designation Notice Manager
      Insights 
      Erik Petri 
      10 June 2021 
      The Great Balancing Act: A Discussion about the Interplay Between UMR and SA-CCR
      Over the last decade, global regulators have introduced several measures in the OTC derivatives market designed to increase financial market resiliency and mitigate counterparty credit risk – mandatory clearing, reconciliation and reporting, and uncleared margin rules, to name a few examples. The goal of these measures is to reduce counterparty risk, increase marketplace transparency, and prevent contagion.
      Insights 
      OSTTRA 
      9 June 2021 
      Mitigating the challenges of index cessation fallbacks and conversion
      Insights 
       
      21 May 2021 
      FX PB credit: High time for the industry to come together
      Greater engagement is required from all counterparties and venues across the FX ecosystem to improve credit risk management, according to industry experts from the prime brokerage arms of J.P. Morgan, Citi Group, and BNP Paribas.
      Insights 
       
      6 May 2020 
      It’s Not All About SIMM™ vs. SCHEDULE!
      Insights 
       
      30 April 2021 
      Why digitisation of legal agreements is the key to unlocking the challenges of FX credit
      Insights 
       
      19 March 2021 
      SA-CCR changes the game, but will it change how you play it?
      Insights 
       
      23 February 2021 
      UMR: Time is of the essence when it comes to FX data and analytics
      Insights 
       
      1 April 2021 
      Delivering Certainty in Uncertain Times
      TriOptima explains how it combines the reduction of gross notional exposure and the conversion of net risk exposure to deliver outsized results, partnering its portfolio compression network with portfolios of legacy benchmark swaps.
      Insights 
      Kirston Winters 
      20 January 2021 
      2021: Brexit, no equivalence and the day of the SEF
      Press Releases 
       
      12 January 2021 
      CME Group and IHS Markit to Form Leading Post-Trade Services Joint Venture for OTC Markets
      News 
      Neil Murphy 
      10 November 2020 
      Best compression/optimisation service for FX at FX Markets e-FX awards 2020
      As regulations targeting over-the-counter (OTC) derivatives continue to unfold and increase the pressure on portfolios, participants in the FX market are increasingly turning to services that will help them reduce their cost of capital and manage their exposure to counterparties.
      Insights 
      Steven French 
      6 January 2020 
      Harnessing the benefits of more automated FX trade lifecycle operations
       
      Major international asset manager 
       
      Automated margin (VM & IM) solution for Asset Manager
      Key stakeholders identified a number of key advantages in OSTTRA triResolve Margin...
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