Wed, 06/02/2013 - 12:12
Two of the largest European investment managers, Insight Investment Management (Global) Limited in London and OFI Asset Management in Paris, have successfully begun client-clearing services of the EurexOTC Clear for Interest Rate Swaps (IRS).
Both clients were introduced to the service as Registered Customers by the OTC Derivatives Clearing division of Barclays, a leading provider of global multi-asset clearing solutions for OTC and listed derivatives. Among the first to clear such transactions, Barclays and its clients underlined their first mover commitment to being prepared well ahead of the clearing obligation in Europe.
“EurexOTC Clear is developing a comprehensive package for client-clearing. Clearing OTC and listed interest rate derivatives through a single CCP is a very attractive prospect for our clients. Barclays in turn is committed to providing leading technology and clearing infrastructure to offer clients both operational and capital efficiency under new global regulations. We are therefore pleased to work with Eurex, as a leader in the European listed space, to drive progress in European OTC clearing,” says Stephen Li, Managing Director EMEA, Head of Agency Derivatives Services at Barclays.
Andrew Giles, Co-CIO, Insight Investment, says: “OTC swaps are critically important to the successful management of our clients’ liability risks. Insight Investment, and our strategic back-office provider, Northern Trust, have demanding clearing requirements which prioritise efficient margin management and effective asset protection for our clients. We are therefore highly motivated to support CCP models that are innovative in recognising the specific current and future clearing needs of our institutional clients and the wider long-term savings industry.”
Christophe Lepitre, deputy chief executive of OFI Asset Management, says: “Eurex Clearing is at the forefront of developing fully integrated clearing and collateralization services for derivatives. In particular, we value the client asset protection solutions and the margin efficiencies of the fully integrated CCP offering. We also value the excellent work at Barclays for the efficient service integration and smooth client-onboarding process.”
“We are very pleased about the on-boarding of Insight Investment and OFI Asset Management. Having such large French and UK clients using a UK clearing member to clear client trades demonstrates the strength of our truly European offering,” says Thomas Book, member of the Eurex Executive Board responsible for clearing.
With its new service, EurexOTC Clear for IRS launched on 13 November 2012, Eurex Clearing will fully integrate the clearing and collateralisation of OTC and listed derivatives in a single clearing house within one single framework. The new service, which will be further expanded in 2013, is one important element of Eurex Clearing’s comprehensive roadmap in preparing for the changing regulatory environment.
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