Bank of America Merrill Lynch to form derivatives clearing unit

GFDCS builds off the company's highly rated Futures business - known for its excellence in clearing services and access to more exchanges than any other broker - to provide agent-clearing services for rates, currencies, credit, equities and commodities derivatives. The GFDCS group will operate as part of BofA Merrill's industry-leading Global Markets Financing and Futures platform (GMF&F), which includes prime brokerage and services.

Bob Burke and Gonzalo Chocano have been named co-heads of the GFDCS group, reporting to Denis Manelski and Syl Chackman, co-heads of GMF&F.

"Establishing an industry-leading derivatives clearing service is a top priority for our Global Markets business. Every client we serve will be impacted by the financial reforms transforming the OTC derivatives market," said Tom Montag, president of Global Banking and Markets. "We are committing considerable resources to all areas of the business to ensure our client clearing services are best-in-class."

The launch of BofA Merrill's GFDCS platform follows a yearlong planning effort, including feedback from more than 3,000 clients who have attended educational seminars and one-on-one briefings.

"Bank of America Merrill Lynch is taking an important leadership role in educating the industry and dealing with issues surrounding OTC derivatives clearing," said Mike Roberge, president of Mass Financial.

"Bank of America Merrill Lynch was one of the first dealers to recognize and prepare for the transformation of the derivatives clearing market. We are grateful that they stepped up to the plate as testing agent on behalf of many market participants," said Martha Tirinnanzi, chairperson of the clearinghouse working group of the Federal Housing Finance Agency, at an industry conference held earlier in the year.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC - News) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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