TriOptima Seeks Exemption From Clearing Agency Registration

The Securities and Exchange Commission published a notice (Federal Register Vol. 91, No. 167, Aug. 31, 2026; FR Doc No. 2026-17673; Release No. 34-106202; File No. 600-43) that TriOptima AB filed an application on Form CA-1 on Aug. 9, 2024 seeking an exemption from registration as a clearing agency under Section 17A of the Exchange Act and Rule 17Ab2-1. The request covers its triReduce and triBalance post-trade risk-reduction services for security-based swaps and a proposed expansion to repurchase and reverse-repurchase agreements, including U.S. Treasury securities.

TriOptima has amended the filing on Dec. 11, 2024; Jan. 6, Nov. 26, and Dec. 22, 2025; Feb. 13, 2026; and on Aug. 5, 2026 submitted a letter stating that the triReduce service will be renamed OSTTRA Reduce and triBalance will become OSTTRA ReBalance in Q4 2026, with no change to technical architecture, risk controls, or operational support.

The applicant is owned by Orion ELP LP, an entity controlled by funds managed by KKR. TriOptima is incorporated in Stockholm and maintains branches in the United Kingdom and Singapore, plus four subsidiaries - TriOptima North America LLC, TriOptima UK Limited, TriOptima Asia Pacific Pte Ltd, and OSTTRA Japan KK - that provide client-relationship, sales and marketing functions. All client contracts are entered directly with TriOptima.

Because the filing seeks an exemption rather than registration, the Section 19(a) timing requirements do not apply. The Commission is soliciting comments from interested parties, which will be considered in deciding whether to grant the exemption.

The request follows a 2011 temporary class-based exemption that was terminated by Regulation SE in 2023 (Release No. 34-98845). Under that regulation, entities that filed a registration or exemption application within 180 days of the effective date may retain exemptive relief while the Commission acts on the filing.