‘Terminator’ initiative to slash CDS duplications

CDS market


In early October, a test run for removing duplicated credit default swap contracts was conducted by TriOptima, a financial technology company, with the participation of 11 banks. The process, known as a multilateral swaps cancellation, or ‘terminating’, involves each bank sending a list to TriOptima of the single-name credit default swap (CDS) and index positions it has with the other participating banks. TriOptima looks at all the lists and works out which exposures cancel – or net – one

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