BNP Paribas and Morgan Stanley have joined EurexOTC Clear for Interest Rate Swaps (IRS), Eurex Clearing’s central counterparty service for OTC derivatives, increasing the total number of clearing members to 32.
“Joining EurexOTC Clear is a major element of our approach to offer a full scope of OTC CCP services to our clients all over Europe. Eurex Clearing's CCP offering together with our expertise will enable our clients to have a choice of CCP provider and prepare for OTC clearing prior to the start of the EMIR mandatory clearing date,” says Gavin Dixon, global co-head of FI clearing at BNP Paribas.
“Morgan Stanley is delighted to be live with Eurex’s IRS clearing. Eurex Clearing is a major provider of CCP services in Europe and we see a lot of demand from our clients to take advantage of the clearing service in interest rate swaps – with an eye on the future ability to cross-margin their listed and OTC derivatives, specifically in Euro denominated products,” said Andy Ross, head of European OTC clearing at Morgan Stanley.
“We are happy to welcome BNP Paribas and Morgan Stanley as new OTC clearing members. Overall, we are very pleased about the progress in rolling out the service and the client feedback received. By now, all major global sell-side firms are connected and support EurexOTCClear,” says Matthias Graulich, global head of business relations and OTC development, Eurex Clearing.
With its service EurexOTC Clear for IRS, launched on 13 November 2012, Eurex Clearing, a subsidiary of Deutsche Börse AG, fully integrates the clearing and collateralization of OTC and listed derivatives in a single clearing house within one single framework. Eurex Clearing will continue to further expand the service in 2014.