Data connectivity between the Depository Trust & Clearing Corporation (DTCC) Data Repository (DDR) and TriOptima’s triResolve portfolio reconciliation service, first announced in June, is now live and operational.
The service, which enables the reconciliation of OTC derivatives trades reported to DTCC’s US trade repository, is a significant step aimed at improving portfolio risk management for dealers and end users.
It will help ensure compliance with the CFTC mandated reconciliation deadline of 23 August. DTCC and TriOptima anticipate that their collaboration can also be extended to market participants in Europe where portfolio reconciliation and trade reporting rules will come into effect imminently. The European Market Infrastructure Regulation (EMIR) portfolio reconciliation rules will come into effect on 15 September 2013 and EMIR mandatory trade reporting will begin on 1 January 2014
“Our 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,” says Marisol Collazo, US chief executive for DTCC Data Repository. “Clients are now well positioned to manage and reconcile their derivatives positions efficiently. 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.”
“We are delighted now to have live repository data directly feeding our reconciliation service,” says Raf Pritchard, chief executive of triResolve. “This both contributes to data accuracy and creates opportunities for efficient workflow for industry participants, including performing regulatory reconciliations. We believe that this kind of cooperation and interconnectivity is the way forward for post trade services.”
DTCC is currently the only trade repository with a live connection to triResolve. DTCC's global trade repository services are also the only solution provider that supports trade reporting in all five OTC derivatives asset classes with all major dealers and 600 other market participants from around the world registered to use its services.