Newedge USA has brokered and centrally cleared its first dealer-to-client interest rate swap transactions at the International Derivatives Clearinghouse, a derivatives clearing organisation owned by the International Derivatives Clearing Group and regulated by the US Commodity Futures Trading Commission.
The initial interest rate swap transactions totaled over USD100m in notional value and involved asset manager and dealer clients.
Newedge joined IDCH’s client clearing platform as a member in March 2010.
“Our membership with IDCG is an important extension to the OTC clearing platform we offer our clients,” says Nicolas Breteau, Newedge’s chief executive. “Newedge has devoted considerable resources in developing client OTC clearing solutions that add value and are open to all market participants. Our buy-side clients and liquidity providers are very interested in what we can provide across a range of OTC products, with interest rate swaps via IDCH now part of that offer.”
Newedge is already a participant in cleared OTC commodity swaps through CME ClearPort, ICE Clear Europe and SGX AsiaClear. The firm also expects to evaluate and participate as a broker in additional platforms that centrally execute and clear OTC swaps transactions.
