State Street Extends OTC Clearing to CME

State Street has taken membership of the CME as a clearer, ahead of Title VII reforms in the Dodd-Frank Act.

State Street Global Markets announced that it has joined the Chicago Mercantile Exchange (CME) as a clearer for over-the-counter (OTC) interest rate swaps.

The research and trading arm of State Street is joining ahead of incoming regulatory reform over the trading of standardized OTC derivatives contracts. Under the new rules, part of the US Dodd-Frank Act, trades must be performed through Swap Execution Facilities and cleared through qualified entities.

"As derivative markets evolve, State Street's membership provides buy-side clients with a new, neutral model for trading, clearing and processing of their swap positions," says Cliff Lewis, executive vice president and head of State Street's eExchange business. "Joining CME Group, one of the world's leading derivatives marketplaces, is an important step towards offering a fully comprehensive, end-to-end derivatives solution for our clients."

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