Eurex Clearing, Europe's leading clearing house, welcomes Newedge UK Financial Limited as a new member of EurexOTC Clear for Interest Rate Swaps (IRS) to bring the total membership to 17 firms.
“We have expanded our clearing services significantly over the past nine months, from listed derivatives and OTC commodity swaps to IRS OTC swaps. Joining Eurex Clearing is an important part of that strategy,” said Nicolas Breteau, CEO at Newedge. “Strengthening our cross border services and broadening our clearing offer means that we remain well-placed to meet client needs and tap into future growth opportunities.”
John Wilson, Global Head of OTC Clearing at Newedge, added: “We are delighted to extend our OTC coverage to EurexOTC Clear, thereby enabling clients to enjoy even greater choice of clearing venues and open access to cross margining in the future.”
“We are very pleased to welcome Newedge as a new user of our EurexOTC Clear offering, as its global offering plays a significant role in the international financial industry. Seeing them joining, proves the attractiveness of our offering,” said Matthias Graulich, Global Head of Clearing Relations and OTC Development.
Newedge is a leader in global exchange-traded and cleared derivatives and amongst the top clearing firms in derivatives trading worldwide, ranking third in the USA as measured by customer assets. Newedge’s OTC Clearing service, part of a multi-asset class offering designed for firms of all sizes that are seeking a proven industrialised clearing solution, is supported by a partnership between Société Générale Corporate & Investment Banking (SGCIB) and Crédit Agricole Corporate and Investment Bank (CACIB).
EurexOTC Clear for Interest Rate Swaps was launched on 13 November 2012. Eurex Clearing offers fully integrated clearing and collateralization of OTC transactions and listed derivatives in a single clearing house and under one legal framework. Eurex Clearing’s members and their clients benefit from capital efficiency via portfolio margining of listed and OTC transactions alike (cross-margining) as well as a wide range of eligible collateral compared to other CCPs. There are also a variety of segregation solutions, including an Individual Clearing Model that offers maximum protection of client assets and full portability of their positions and collateral.
Heiner Seidel - Eurex
T: +49(0) 69 211 1 15 00 - E: heiner.seidel[.]eurexclearing.com.
Richard Newman - Newedge
T: +44(0)20 7550 2492 E: richard.newman[.]newedge.com.
Newedge (newedge.com), a 50/50 joint venture between Société Générale and Crédit Agricole CIB, is a major force in global multi-asset brokerage business, with a world-leading position in the execution and clearing of listed derivative products. With a presence in more than 20 locations in 15 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, OTC derivatives, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge's 2,700 employees form a close-knit, multinational team that can innovatively respond to its clients in fast-moving markets.
About Eurex Clearing
Eurex Clearing (eurexclearing.com) is one of the leading central counterparties globally assuring the safety and integrity of markets while providing innovation in risk management, clearing technology and client asset protection. Eurex Clearing provides fully-automated, straight-through post-trade services for derivatives, equities, bonds, secured funding & financing and energy transactions, as well as industry-leading risk management technologies.
As part of Eurex Group, Eurex Clearing serves more than 150 clearing members in 16 countries, managing a collateral pool of around EUR 48 billion and processing gross risks valued at almost EUR 7.5 trillion every month. In 2012, we cleared around 1.7 billion derivatives contracts nearly half of which were traded off-exchange (over-the-counter, OTC).
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange (ISE), the European Energy Exchange (EEX), Eurex Clearing, Eurex Bonds and Eurex Repo.
Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).