Stockholm-based swap-cancellation service TriOptima has executed its first termination cycle of Indian rupee swaps based on the Mumbai interbank offered rate (Mibor). Seven banks terminated 10,600 trades with a notional principal of Rs4.6 trillion ($107 billion), eliminating Rs153.4 billion in mark-to-market exposure.
TriOptima's triReduce service terminated 94% of all the matched trades between the participating banks. "This represents a major contribution to the reduction of operational risk an
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