TriOptima has announced that counterparties using the triReduce CLS FX compression service have eliminated $9.1 trillion of gross notional value from their FX forward portfolios in 2019. A new record for the service, this equates to an annual increase of 71%. In Q4 alone, the service compressed $4.9 trillion of gross notional value, 153% above the previous quarterly high achieved in Q3 2018. The new record was driven by increased participation from the prime broker and executing broker community, larger trade populations being submitted for compression and increased year-end activity as market participants manage their risk exposure and capital charges.
“The increase in notional reductions seen in 2019 demonstrates the value triReduce CLS FX continues to deliver for our clients,” said Alan Marquard, Chief Business Development Officer, CLS.”