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 Clearing.

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.