Deutsche Bank clears interest rate swap on CME's IRS platform
Deutsche Bank’s dbClear platform has cleared on behalf of Citadel one of the first interest rate swaps on CME Group's IRS platform.
These transactions represent a step forward in the development of OTC clearing services post the passing of the Dodd-Frank Bill.
“We believe that it is vital for our capital markets to be open and transparent,” says Gerald Beeson (pictured), chief operating officer of Citadel. “We are pleased to work together with Deutsche Bank on this initiative to further that objective.”
“This is a strategic milestone in the mitigation of counterparty risk for the industry as a whole, and in partnership with Citadel, we are pleased to be a leading innovator in the development of new services under dbClear,” says Fredrik Gentzel, head of counterparty portfolio management and prime brokerage for global rates and commodities, Deutsche Bank.
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