CLS, a market infrastructure delivering settlement, processing, and data solutions, and TriOptima have won the "best new post-trade solution" at the FTF News Technology Innovation Awards 2019.

Voted for by clients, the awards celebrate excellence in post-trade processing across the industry. The triReduce CLS FX compression service, developed as a collaborative initiative between CLS and TriOptima, was recognized for combining CLS’s infrastructure and market connectivity with TriOptima’s compression expertise to provide a widely adopted risk management tool for the global FX market for non-cleared OTC derivatives trades.

Clients benefit from enhanced capital efficiency and leverage ratios, and reduced operational risk and costs. They also benefit from the ability to proactively manage counterparty credit risk without fundamentally changing their market positions, the success of which makes the service stand out in the industry.

The award win reflects the new developments and continued evolution of triReduce CLS FX during 2018:

• Introduction of the offsetting methodology, which enhances net risk reduction and further improves leverage ratios. This was recently combined with the compression methodology into a single monthly event offering both options
• Connectivity to Thomson Reuters Trade Notification (TRTN) service, thereby providing full straight-through processing (STP) to participants, making for a more seamless experience
• Inclusion of Prime Broker trades to enhance the compression network, incorporating a newly developed workflow from Traiana for automated trade booking
• Extension of the service to third-party clients; now a whole new market segment can participate through their settlement members
• 40% YOY growth in compression.