TriOptima selected for interest rate derivatives repository

Stockholm-based technology company TriOptima has been selected to operate an interest rate derivatives trade repository.

The International Swaps and Derivatives Association facilitated the process of selecting the provider and defining the terms. Proposals were received from eight firms, of which three were shortlisted. Other firms rumoured to have submitted proposals included the New York-based Depository Trust & Clearing Corporation, which has operated the Trade Information Warehouse for credit derivatives since November 2006.

In its letter to the Federal Reserve Bank of New York on June 2, the Operations Management Group, a consortium of 27 broker-dealers, buy-side firms and industry associations, committed to record all interest rate derivatives trades by December 31 this year and equity derivatives trades by July 31, 2010.