ABN Amro wins Bank JVan Breda mandate
Belgium bank JVan Breda & Co has chosen ABN Amro Clearing as its counterparty for over the counter (OTC) derivatives, including interest rate swaps, ahead of new European Market Infrastructure Regulation (Emir) regulations.
The Emir regulations, covering interest rate swaps and credit default swaps, will be finalised later in 2014. The European Securities and Markets Authority (Esma) has proposed a phased-in approach for OTC clearing that is similar to the one taken by US regulators.
“This pro-active adoption of central clearing for IRS contracts is a testimony of our ambition to always have solutions in place well in time, such that we are properly compliant as of when rules become mandatory,” said Peter Devlies, chief financial officer of Bank J Van Breda & Co.
“We remain committed to the delivery of central clearing solutions for IRS in a time when many service providers are pulling out,” said Alexander Jacobs, global product manager OTC derivatives at ABN AMRO Clearing.
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