London
23 March 2017
Reporter: Mark Dugdale

Amundi clears swaps through CDSClear


Amundi is the first European buy-side client to clear credit default swaps on LCH’s CDSClear platform.

The asset manager accessed CDSClear via its clearing broker BNP Paribas, taking the service to 13 active members.

Two additional brokers will begin offering credit default swap clearing through LCH from Q2 2017.

The mandatory clearing of credit default swaps in Europe, which is taking effect over the course of this year and next, prompted Amundi to push business through CDSClear, according to Emmanuel Gaffet, head of dealing risk management at the asset manager,

Gaffet said: “Risk management is a top priority for us and our investors, and by clearing through LCH we are able to benefit from an experienced and robust central counterparty that proved instrumental in accompanying us on mandatory clearing.”

“At the same time, CDSClear’s broad product offering and portfolio margining capabilities means that we would be able to offset the risk of correlated credit default swaps contracts and make margin savings as a result.”

Raphaël Masgnaux, global head of prime solutions and financing at BNP Paribas, added: “This launch is an important development for us and the industry as it gives buy-side firms more choice of where to clear their credit default swaps contracts, following the introduction of the non-cleared margin requirements and credit clearing mandate in Europe.”

“We’re pleased to have supported LCH and Amundi through this onboarding process, as we continue to offer our client franchise the fullest suite of prime solutions’ products, recognising the potential growth for CDSClear.”

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