05 February 2018
Reporter: Zsuzsa Szabo

Eurex sees OTC clearing service growth

Central counterparty (CCP) Eurex has secured a growth in demand for its over-the-counter (OTC) clearing services.

In January, the average daily volume cleared in the OTC rates segment went up to €35 billion from €5 billion in 2017.

Eurex’s partnership programme for the clearing of interest swap rates (IRS) was launched in October 2017.

According to the Deutsche Boerse Group subsidiary, the programme is designed to create a liquid, EU-based alternative for the clearing of interest rate swaps.

The CCP shares are a significant part of the economics of its IRS segment with the 10 most active participants.

Since the October rollout, the programme enticed strong market interest.

Eurex has secured 25 signups from the US, the UK, Asia and Europe.

Eurex Clearing, CEO of Erik Müller, said: “We are very pleased that our partnership programme is gaining broad market support.”

"We observe an increasing number of banks now quoting the same spread for Eurex Clearing and LCH cleared swaps."

"This provides end clients such as investment funds, insurance firms and pension funds with real choice for the first time."

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