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Baml clears first ICE Clear Europe CDS
08 October 2013
The bank is the first to clear a client CSD on the European clearinghouse
ICE Clear Europe
Bank of America Merrill Lynch has cleared the first client credit default swap (CDS) on ICE Clear Europe.
The swap was cleared by Merrill Lynch International on behalf of Investec Bank on October 7.
Ian Rumbold, treasury and trading operations manager, Investec Bank, said the move was a sign of “progression in our industry”.
“There is a real benefit in this development as the wider move towards clearing OTC derivatives will increase transparency, reduce a variety of risks and offers a much more liquid market for all participants,” he added.
The European Markets Infrastructure Regulation (Emir) is pushing OTC derivatives onto central counterparties.