Two of the largest European investment managers, Insight Investment Management (Global) in London and OFI Asset Management in Paris, have successfully begun client-clearing services of the EurexOTC Clear for Interest Rate Swaps (IRS).
Both clients were introduced to the service as Registered Customers by the OTC derivatives clearing division of Barclays, a provider of global multi-asset clearing solutions for OTC and listed derivatives.
Among the first to clear such transactions, Barclays and its clients underlined their first mover commitment to being prepared well ahead of the clearing obligation in Europe.
The European hedge fund Whard Stewart Master Fund has become the first hedge fund to joined the client-clearing services of the new EurexOTC Clear for Interest Rate Swaps (IRS), with J.P. Morgan acting as clearing member in respect of initial transactions for Whard Stewart.
“We have found that clients appreciate the margin efficiencies of clearing listed and OTC in a single CCP. Eurex clearing understands the importance of client asset segregation, and their responsiveness in shaping the new service to meet market needs has been key for us in being among the first clearing members to clear client trades,” said Hester Serafini, global co-head of OTC Clearing at J.P. Morgan.
Walter Womersley, COO, Whard Stewart added: “As OTC derivatives are crucial to our strategies and performance, choosing a comprehensive and efficient clearing offering in time for the clearing requirements is mission critical for our future success. EurexOTC Clear, offered through J.P. Morgan as our clearing service provider, offers comprehensive and innovative solutions to meet our demands.”
With its new service, EurexOTC Clear for IRS launched on 13 November 2012, Eurex Clearing will fully integrate the clearing and collateralisation of OTC and listed derivatives in a single clearing house within one single framework.
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