Eurex Clearing expands distribution to clients of US clearing members
02 January 2019 Frankfurt
Image: Shutterstock
Eurex Clearing will offer clearing services for swap transactions to clients of futures commission merchants (FCMs) domiciled in the US.
This follows notice by the Commodity Futures Trading Commission (CFTC) that Eurex Clearing has fulfilled all requirements to offer these in addition to the clearing services for futures already provided.
Meanwhile, Eurex Clearing has launched a refined legal framework that complies with Legally Segregated Operationally Commingled (LSOC) requirements.
These requirements are stipulated by the CFTC for the clearing of swap transaction for clients.
Citi is among the first banks to connect through the LSOC framework and serve Eurex Clearing’s new service to their clients.
Erik Müller, CEO of Eurex Clearing, commented: “The US is an important market for us, and the recognition of our Derivatives Clearing Organisation licence and associated LSOC model is very good news as we further expand our global distribution and are now able to serve clients of FCM clearing members.”
“With this step, our services have reached the next level, and it underlines Eurex Clearing’s commitment to our clients in the US market.”
Christopher Perkins, global head of over-the-counter clearing and foreign exchange prime brokerage at Citi, added: “Citi is excited to expand its industry-leading, global clearing offering to support clients who desire to clear swaps with Eurex via the FCM model.”
“We remain committed to supporting our clients by providing scalable clearing services on clearing houses based on their demand, which has been very strong for the Eurex LSOC offering.”
This follows notice by the Commodity Futures Trading Commission (CFTC) that Eurex Clearing has fulfilled all requirements to offer these in addition to the clearing services for futures already provided.
Meanwhile, Eurex Clearing has launched a refined legal framework that complies with Legally Segregated Operationally Commingled (LSOC) requirements.
These requirements are stipulated by the CFTC for the clearing of swap transaction for clients.
Citi is among the first banks to connect through the LSOC framework and serve Eurex Clearing’s new service to their clients.
Erik Müller, CEO of Eurex Clearing, commented: “The US is an important market for us, and the recognition of our Derivatives Clearing Organisation licence and associated LSOC model is very good news as we further expand our global distribution and are now able to serve clients of FCM clearing members.”
“With this step, our services have reached the next level, and it underlines Eurex Clearing’s commitment to our clients in the US market.”
Christopher Perkins, global head of over-the-counter clearing and foreign exchange prime brokerage at Citi, added: “Citi is excited to expand its industry-leading, global clearing offering to support clients who desire to clear swaps with Eurex via the FCM model.”
“We remain committed to supporting our clients by providing scalable clearing services on clearing houses based on their demand, which has been very strong for the Eurex LSOC offering.”
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