Eurex Clears first swap transaction for US end clients
12 February 2019 Zug
Image: Shutterstock
Eurex Clearing has cleared its first swap transaction for end clients domiciled in the US.
Citi is the first futures commission merchant (FCM) that offers client swap through Eurex Clearing.
According to Eurex, eight fund companies have already joined Citi to take advantage of this service.
Eurex has said that the transaction is the next important milestone for Eurex in the strategy to expand US distribution.
Tim Gits, head of fixed income sales Americas, Eurex, said: “Legal recognition was a prerequisite for offering US-based customers an alternative for swap clearing. We are pleased that Citi is the first FCM to successfully connect several fund companies which are now filling this model with business.”
Mariam Rafi, North American head of OTC Clearing, Cit, commented: "Citi is pleased to pioneer FCM connectivity and to partner with Eurex on the launch of the Legally Segregated Operationally Commingled model."
“Providing this solution responds to our clients’ desire to access new liquidity venues for euro interest rates. Citi is proud to offer our clients agnostic clearing connectivity to support their evolving business needs."
Citi is the first futures commission merchant (FCM) that offers client swap through Eurex Clearing.
According to Eurex, eight fund companies have already joined Citi to take advantage of this service.
Eurex has said that the transaction is the next important milestone for Eurex in the strategy to expand US distribution.
Tim Gits, head of fixed income sales Americas, Eurex, said: “Legal recognition was a prerequisite for offering US-based customers an alternative for swap clearing. We are pleased that Citi is the first FCM to successfully connect several fund companies which are now filling this model with business.”
Mariam Rafi, North American head of OTC Clearing, Cit, commented: "Citi is pleased to pioneer FCM connectivity and to partner with Eurex on the launch of the Legally Segregated Operationally Commingled model."
“Providing this solution responds to our clients’ desire to access new liquidity venues for euro interest rates. Citi is proud to offer our clients agnostic clearing connectivity to support their evolving business needs."
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