Societe Generale rolls out portfolio margining

Societe Generale rolls out portfolio margining

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Societe Generale Prime Services, formerly Newedge, has launched CME Group portfolio margining for its clients. 

The upgrade will enable clients to treat cleared interest-rate swap (IRS) contracts and exchange-traded futures contracts as a single portfolio, which the firm says will reduce margins when trading CME Group products.

"This important upgrade to our clearing business allows our clients to optimise their cost of collateral as well as take advantage of capital efficiencies," said Nicholas Gionfriddo, Americas head of over-the-counter (OTC) clearing sales for Societe Generale Prime Services.

"This investment also further affirms our commitment to OTC client clearing following our recent service enhancements introducing clearing for our FX NDF and CDS clients."

Societe Generale has implemented CME Group's Optimiser toolkit to facilitate the portfolio margin process for clients in order to allow them to realise these margin efficiencies, with no additional fees charged for the service.

A single portfolio of cleared IRS and futures contracts is created by booking a client's listed futures contracts to their IRS LSOC account at CME Group. 

"We continue to offer the most capital efficient clearing solution out there and are pleased to work with a leading European bank to expand this offering," said Sunil Cutinho, president CME Clearing.

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