Back in 2012, when banks were under intense pressure to reduce the capital footprint of their swaps books, there was some buzz about a new optimisation service for non-cleared derivatives from TriOptima.
Called triBalance, the service worked by identifying webs of new overlay trades that would offset bilateral exposure within a network of banks, with the exposure then being replaced using cleared swaps. It was ingenious, but a fatal flaw meant it did not take off in the way it could have; the
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