Deutsche Bank and BayernLB have executed the first trades on Bloomberg to be cleared via EurexOTC Clear for IRS. The ability to trade and automatically clear EurexOTC Clear for IRS deals makes the execution and processing of these trades significantly easier for Bloomberg users.
Richard Jackson, Head of European Flow Rates Trading, Deutsche Bank explained: “Choice in execution and clearing has been a driving factor for innovation in recent years. The ability to execute OTC derivatives on Bloomberg with STP trade flow to Eurex Clearing is a valuable improvement for the industry”.
Marc Burgheim, Head of FX & Interest Rate Derivatives of BayernLB also welcomed the expansion: “We welcome this new option to execute and clear with Eurex Clearing. This development increases the flexibility for us around both execution venues and managing the exposures of our cleared portfolios.”
Matthias Graulich, Chief Client Officer of Eurex Clearing, said: “Broadening trade execution choice for our clearing service is an important objective for Eurex Clearing – the possibility to execute via Bloomberg and clear via Eurex Clearing marks a major milestone to further expand our distribution channels.”
There are now over 40 banks and 60 buy-side firms admitted as members of Eurex Clearing and over 60 more currently advanced in the admission process. The clearing readiness and activity is continuously increasing at Eurex Clearing with a cleared notional of more than 90 billion euros.
Further background on EurexOTC Clear
The EurexOTC Clear for IRS service is designed for clients who are focused on the need for safety and efficiency. At the same time, the service delivers capital efficiencies to promote cost-efficient compliance with regulatory requirements based on a variety of factors including a cross-product service portfolio, a broad eligible collateral spectrum and the Eurex Clearing Prisma risk management system across listed and OTC derivatives.
With its service EurexOTC Clear for IRS, Eurex Clearing has fully integrated execution with clearing and collateral management of OTC and listed derivatives in a single clearing house within one single legae within one single legal and operational framework.