BNP Paribas, Morgan Stanley Join Eurex OTC Clear

Gavin Dixon, BNP Paribas.

BNP Paribas and Morgan Stanley have joined Eurex Clearing's central counterparty service for OTC derivatives, Eurex OTC Clear, for interest rate swaps (IRS).

Eurex Clearing, a subsidiary of Deutsche Börse, launched its Eurex OTC Clear for rate swaps in November 2012. The service, now counting 32 clearing members, fully integrates clearing and collateralization of over-the-counter (OTC) and listed derivatives in one clearing house within a single framework. Eurex Clearing intends to further expand its service in 2014 to help financial institutions in preparing for the changing regulatory environment.

"Eurex Clearing's CCP offering together with our expertise will enable our clients to have a choice of CCP provider and prepare for OTC clearing prior to the start of the European Market Infrastructure Regulation (EMIR) mandatory clearing date," says Gavin Dixon, BNP Paribas' global co-head of fixed-income clearing.

"We see a lot of demand from our clients to take advantage of the clearing service in interest rate swaps, with an eye on the future ability to cross-margin their listed and OTC derivatives, specifically in Euro-denominated products," adds Andy Ross, head of European OTC clearing at Morgan Stanley.

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