CME Clearing Europe Set To Expand Swaps Support

CME Clearing Europe, the Chicago Mercantile Exchange (CME) Group's European clearing house, has received Bank of England approval to add a number of derivatives to its interest-rate swap service.

As of March 3, London-based CME Clearing Europe, launched in May 2011, will add overnight index swaps (OIS), zero-coupon swaps, forward-rate agreements (FRAs), basis swaps, variable-notional swaps and three currencies ─ Swedish Krona, Danish Krone and Norwegian Krone ─ for clearing to its existing interest-rate swap offering.

"With mandated clearing of over the counter (OTC) interest-rate swaps in Europe likely to begin later this year, we are leveraging our experience from the US under Dodd Frank to collaborate with buy-side and sell-side customers in Europe to prepare for the new EMIR rules," says Lee Betsill, CEO of CME Clearing Europe.

"In addition, we continue to work closely with our customers to tailor our offerings to meet their risk management needs through services like our existing individually segregated account for collateral protection at the client level. This service compliments our new fully segregated account, pending regulatory approval, which will go even further by segregating that collateral with an external custodian at the client level," he says. 

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