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Morgan Stanley clears OTC derivative trades at CME

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Morgan Stanley has cleared over-the-counter interest rate swap transactions for clients of the firm at the Chicago Mercantile Exchange.

Trades were cleared on the first day of operation of the CME Clearing service for interest rate swaps.

This follows the previously announced clearing of client OTC credit default swap transactions at CME’s CDS clearing service.

“Morgan Stanley has been a pioneer in the OTC clearing space over the last ten years initially in the dealer-to-dealer market and now in the dealer to client space. We strongly support the drive toward more central clearing of OTC derivatives as a means to reduce systemic risk and allowing our clients to mitigate their counterparty risk in the OTC derivatives markets” says Stephen O’Connor, managing director.

Morgan Stanley will provide clearing services for its clients at LCH.Clearnet’s SwapClear service and ICE Trust’s CDS clearing service in addition to the CME.

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