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EurexOTC Clear signs up two members
13 January 2014
Two major banks join Eurex Clearing’s CCP service for interest rate swaps
BNP Paribas and Morgan Stanley have joined Eurex
Clearing’s central counterparty (CCP) service for
interest rate swaps in response to demand from clients.
The move brings the total number of clearing members on the
Eurex OTC clear service to 32.
"We are happy to welcome BNP Paribas and Morgan Stanley as new
OTC clearing members. Overall, we are very pleased about the
progress in rolling out the service and the client feedback
received. By now, all major global sell-side firms are
connected and support EurexOTC Clear," added Matthias Graulich,
global head of business relations and OTC development, Eurex
Gavin Dixon, global co-head of FI clearing at BNP Paribas, said
the firm aims to offer a full range of OTC CCP services to its
clients across Europe.
Clients are looking to take advantage of the clearing service
in interest rate swaps with an eye on the future ability to
cross-margin their listed and OTC derivatives, specifically in
Euro denominated products, said Andy Ross, head of European OTC
clearing at Morgan Stanley.