The programme plans to build a “balanced ecosystem”, responsible for aligning responsibilities and benefits related to economics and governance, bringing “greater choice and transparency” to the market.
The clearinghouse co-developed the programme with major players in the interest rate swap market, including dealers, end-clients and execution ventures.
Early interest has been registered from the Bank of America Merrill Lynch, Citigroup, Commerzbank, J.P. Morgan, Deutsche Bank and Morgan Stanley.
Registration for the programme opened on 9 October 2017 and will close on 20 November 2017, with the 10 most active participants to be included in the governance and committee structure of Eurex Clearing.
Eric Müller, CEO of Eurex Clearing, said: “This market-led initiative will benefit clients and the broader market place through greater choice and competition, improved price transparency as well as reduced concentration risk.”
Sam Wisnia, global head of rates and FX at Deutsche Bank, added: “This programme is a constructive contribution to help the marketplace navigate the political and regulatory challenges facing our industry.”