TriOptima will support data verification and portfolio reconciliation of DTCC’s trade repository data as requested by triResolve clients’ for their over-the-counter derivatives portfolios.
TriOptima will be the first portfolio reconciliation provider to receive directly DTCC repository data for this purpose.
“Assisting our clients with verification and reconciliation of portfolio data submitted to DTCC trade repositories is a significant development,” says Raf Pritchard, chief executive of triResolve. “Making repository data directly available to the reconciliation process contributes to data accuracy and creates opportunities to combine workflows and simplify operations. Given the rapid pace of change in the market, TriOptima’s strategy is to connect to multiple platforms across the OTC derivatives landscape including central clearinghouses, confirmation platforms, repositories, and other emerging providers of trade processing and data store functionality.”
Stewart Macbeth (pictured), president and CEO of DTCC’s Deriv/SERV subsidiary, says that where permitted, such service provider linkages can be of great assistance to both regulators and market participants.
“Giving our clients’ service providers access to repository data is a way to assist our clients in meeting their regulatory obligations and operational goals efficiently,” says Macbeth. ”Open access is a critical goal in the new OTC derivatives landscape, and the TriOptima connection will facilitate portfolio reconciliation for firms.”
Currently triResolve clients regularly reconcile seven million transactions on the triResolve portfolio reconciliation platform. Data integration with the DTCC’s trade repository will enable triResolve to assist its clients in the verification and reconciliation of transactions submitted to the repository by market participants. It will also enable TriOptima’s clients to leverage triResolve’s resolution workflow to quickly address any identified exceptions.