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LBMA and TriOptima Eliminate Gold Interest Rate Swap Trades

Monday, January 26, 2015

The London Bullion Market Association (LBMA) and TriOptima, leading provider of OTC derivatives post trade risk services, announce today that twelve market participants eliminated 99% of their outstanding gold interest rate swap (IRS) trades with each other prior to the discontinuation of the Gold Forward Offer Rate (GOFO) fixing on January 30, 2015. Working with the London Bullion Market Association (LBMA) to offer a special triReduce termination cycle prior to the disappearance of the GOFO rate, TriOptima was able to assist the market in tearing up most of the outstanding gold interest rate swap trades that rely on the GOFO Rate to fix and reset these trades.

“LBMA members took advantage of the opportunity to participate in a triReduce compression run for gold IRS so they could terminate their portfolios before the discontinuation of the GOFO fixing rate,” said Ruth Crowell, CEO of LBMA. “TriOptima was able to quickly and effectively help wind down the market.”

“This was a one-off triReduce compression cycle that we ran after consultation with LBMA to help the dealers eliminate their outstanding portfolios before the end of the benchmark,” said Mattias Palm, triReduce business manager. “It was an efficient way to get the trades off the books without spending a lot of time and effort to negotiate bilaterally with their counterparties. We were pleased to support LBMA members in an orderly transition.”

Currently triReduce offers compression in cleared and uncleared interest rate swaps (including FRAs and Overnight Index Swaps), cross currency swaps, credit derivatives and commodity swaps. Inflation swap and FX forward compression cycles will be introduced in 2015.

 Feedback from the surveys, the seminar together with the direct consultations by the LBMA Executive with the proposers and market participants were presented directly to a meeting of the LBMA Data Working Group which is made up of representatives from the LBMA’s various Committees (Management Committee, Market Makers and Regulatory Affairs Committee). Phase One Price Participants were also involved, as well as observers from the World Gold Council.

For more information, please contact:

Susan Hinko, Head of Industry Relations. TriOptima

Tel: + 1 646 744 0410

Aelred Connelly, Public Relations Officer, LBMA

Tel: +44 207 796 3067

Candice Adam, Argentus PR

Tel: +44 20 7397 2915

About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion.  The LBMA undertakes many activities on behalf of its members, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities.

About TriOptima
TriOptima is the award-winning provider of post trade risk management services and infrastructure for OTC derivatives. Focused on reducing costs, eliminating operational and credit risk, improving counterparty exposure management, and reducing systemic risk, TriOptima offers a range of services: triReduce to reduce swap inventory and counterparty risk;  triResolve to reconcile  OTC derivative portfolios, manage disputes and validate repository data; triBalance to manage cleared and bilateral counterparty risk and triCalculate to measure and analyze counterparty risk.

TriOptima, an ICAP Group company, maintains offices in London, New York, Singapore, Stockholm, and Tokyo.

Press Release