07.08.2022

OSTTRA Streamlines Derivatives Trade Reconciliation

07.08.2022
Connecting the Enterprise, Capital-Markets Style

OSTTRA, the global post-trade solutions company, announced new connectivity between two of its post-trade services – MarkitWire, the leading electronic trade confirmation and processing platform and triResolve, the market leader for portfolio reconciliation, collateral management and reporting reconciliation.

Through this enhancement, trades confirmed by MarkitWire can be seamlessly delivered directly into triResolve, across a common network of more than 2,000 firms. This will drive standardisation of data for reconciliation, bringing improved efficiency, cost reduction and greater transparency between counterparties.

The direct connectivity is live with nine existing customers, covering interest rate derivatives and equity derivatives. It will also include repo transactions following the go-live of OSTTRA Trade Processing for Repos in Q3.

The lack of data standardisation through the post trade lifecycle is a persistent problem in the OTC industry, increasing operational cost and complexity.  This is a challenge OSTTRA is well equipped to address.

 OSTTRA was formed in 2021 through the combination of MarkitServ, Traiana, TriOptima and Reset, four businesses that have been at the heart of post-trade evolution and innovation for more than 20 years. The launch of this link reflects OSTTRA’s ongoing commitment to build upon its global network to streamline and standardise post-trade workflows across a broad range of asset classes.

The enhanced workflow leverages the MarkitWire trade ID to link the full MarkitWire FpML trade representation with the existing data in triResolve for customers who opt to switch on the new link. This information allows users to quickly remediate trade breaks identified by triResolve, making portfolio reconciliation a more efficient process. 

The connection will bring operational alignment between MarkitWire users and collateral and reconciliation teams using triResolve, with minimal input needed and no additional cost to reap the benefits.

Peter Altero Jr, Head of Rates Business Development at OSTTRA, added: “The connectivity between MarkitWire and triResolve shows that OSTTRA is focused on accelerating innovation in post-trade.  Our clients will only have to flick a switch on the MarkitWire side to see the significant benefits of enhanced data in triResolve.  This is just the beginning.  There is so much more efficiency to be gained up and down the post trade stack by having access to enhanced, standardised transactional data.  Watch this space”.

 Sheila Schofield, Head of triResolve Business Management EMEA, concluded: “Data from MarkitWire acts as a gold copy for the majority of OTC derivative transactions. For our clients, seamlessly incorporating this data in portfolio reconciliations will result in improved efficiency with minimal effort and no extra cost, enabling them to focus on their value-add tasks.”

Source: OSTTRA

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