A link up between OTC derivatives portfolio reconciliation service provider TripOptima and the Depositary Trust and Clearing Corporation (DTCC) has gone live, as the company announces a similar link-up with trade repository REGIS-TR.
TriOptima’s triResolve service enables the reconciliation of OTC derivatives trades reported to DTCC’s US trade repository, and helps market participants’ meet their portfolio risk management needs.
“Cooperation with TriOptima enables DTCC to offer its participants the ability to meet their portfolio reconciliation requirement leveraging the same submission used to meet their trade reporting obligation,” said Marisol Collazo, US CEO for DTCC Data Repository.
“We are committed to working with complementary third party service providers like TriOptima so our mutual clients have greater and more efficient access to our services which help them effectively meet their regulatory mandates globally,” she said.
The reporting of OTC derivatives trades is a central tenet of G-20-led reforms to the global derivatives market and is a key element of the US Dodd-Frank Act and European market infrastructure regulation (EMIR).
The service will help firms comply with a Commodity Futures Trading Commission-mandated reconciliation deadline of 23 August, while in Europe, portfolio reconciliation rules come into effect on 15 September. Under EMIR, mandatory reporting rules will be implemented from 1 January.
REGIS-TR this week announced it would provide portfolio reconciliation for REGIS-TR’s trade repository data with data from triResolve.
In a statement, the two firms said the cooperation would assist clients to meet regulatory obligations and operational efficiency. The two firms said open access and interoperability among service providers were key to success in the era of EMIR reporting.