triReduce CLS FX wins at FOW Awards 2017

11 December 2017

CLS Group (CLS), a market infrastructure delivering settlement, processing and data solutions, and NEX TriOptima won the "Best New Technology Product – post trade" at the FOW International Awards in London.

 

The awards celebrate the leaders in innovation, trading and technology in derivatives across the industry. The triReduce CLS FX compression service, developed as a collaborative initiative between CLS and NEX TriOptima, was recognized for combining CLS’s infrastructure and market connectivity with TriOptima’s compression expertise to provide a widely adopted risk management tool. Since its launch in 2015, the service has already reduced over USD4 trillion in notional exposure.

triReduce CLS FX provides enhanced capital efficiency and leverage ratios and reduced operational risk and costs. In February 2017, CLS and NEX TriOptima announced an upgrade to the service which introduces the ability to achieve net exposure reduction by adding new, offsetting trades, allowing prime brokers and dealers to more efficiently reduce risk in their forwards operations.

Alan Marquard, Chief Strategy and Development Officer, comments: “This award is testament to the success of the triReduce CLS FX service and to CLS’s continued delivery of innovative technologies to support a more efficient FX market. Over the past two years, we have seen rapid growth in the service, both in the number of participating banks and in the notional reduced. With our enhancements to adapt the service to the changing needs of our clients, we are confident it will continue to be an integral part of our clients’ risk mitigation strategies.

“Through triReduce CLS FX and our other risk-mitigation services, we provide an essential contribution to the smooth and efficient running of the FX market, and we are pleased to have that contribution recognized by the FOW award.”

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