20 October 2017
Find out more

Eurex starts CDS clearing

31 July 2009  |  1730 views  |  0 Source: Eurex

Eurex Clearing, Europe's largest central counterparty (CCP), announced today that Eurex Credit Clear, the European OTC clearing solution for Credit Default Swaps (CDS), successfully cleared the first transaction on 30 July.

Eurex Credit Clear offers the benefits of CCP clearing to the OTC derivatives market and thereby improves market safety and integrity.

"I am very pleased that our first credit clearing members used our new clearing solution for CDS at the earliest opportunity", said Thomas Book, member of the Eurex Executive Board and responsible for clearing. "Eurex Credit Clear has successfully completed its first production cycle and effectively delivers OTC clearing for CDS for the first time in Europe."

Eurex Credit Clear has a distinguished service offering as it operates the only CCP for both index and single name CDS. The new service is also accessible for buy-side firms from day one.

Eurex Credit Clear achieved operational readiness by 27 July 2009. As of today, the first market participants achieved market readiness with more members expected to connect to Eurex Credit Clear in the upcoming weeks.

On 23 July, the U.S. Securities and Exchange Commission (SEC) approved a conditional exemption that allows Eurex Clearing to operate as a central counterparty for CDS clearing. The new clearing service is also accessible for UK market participants after regulatory approval by the Financial Services Authority (FSA) on 24 July.


Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlRegister nowvisit www.innotribe.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15948 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
9044 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8193 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7210 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6393 views comments | 10 tweets | 21 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job