Union Investment, one of the largest German asset managers for private and institutional investors, has adopted EurexOTC Clear for Interest Rate Swaps (IRS).
The company has been connected as an individually segregated client since end of March and has cleared the first transactions using EurexOTC Clear via its clearing member Deutsche Bank.
Union Investment is the first major asset manager to have fully concluded onboarding using the German clearing framework agreement.
More than 120 further buy-side firms are currently in the connection process to use Eurex Clearing’s OTC service.
Union Investment is a member of the cooperative financial services network (genossenschaftliche FinanzGruppe). The company is one of the largest fund management companies in Germany, with around 4.2 million clients and over EUR200bn in assets under management.
“We are delighted that Union Investment, one of the leading asset managers in Germany, has decided to use our service for the clearing of interest rate swaps. It underlines the capital efficiency of our offering and the strength of our individual clearing model,” says Matthias Graulich, chief client officer, Eurex Clearing.