TriReduce hits $1 quadrillion in swaps compressions

Demand has been high as banks seek to lower exposures

Winning number: "Hitting the $1 quadrillion mark is a significant achievement for the market" - Peter Weibel

Nex Optimisation announced on June 28 that participants in its triReduce compression service have eliminated more than $1 quadrillion, or $1,000 trillion, in over-the-counter derivatives notional principal since its introduction in 2003.

The Nex Group-owned, multilateral, risk-constrained service offers compression for cleared and non-cleared interest rate swaps in 28 currencies, cross-currency swaps, inflation swaps, credit-default swaps, FX forwards and commodity swaps. Eliminating unnecessary

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