Current total of 22 clearing members
Bayerische Landesbank (BayernLB) has been clearing member of EurexOTC Clear for Interest Rate Swaps (IRS) since 18 December 2013. By connecting to Eurex Clearing’s central counterparty (CCP) for OTC derivatives, the bank is preparing itself ahead of time for the clearing obligation for OTC derivatives in Europe expected in 2014. BayernLB acts as a service provider for a large number of clients, including savings banks (Sparkassen), and also offers them corresponding client clearing services.
Oliver Dressler, Head of the Treasury Products Division at BayernLB, explained: “We are delighted that we have been able to make the connection to EurexOTC Clear successfully and in a timely manner. From now on, our clients can use Eurex’s fully integrated clearing offering in conjunction with our expertise. The clearing connection to EurexOTC Clear means we are optimally prepared for the upcoming EMIR obligations.”
“We are pleased to welcome one of the largest German regional state banks as an OTC clearing member. The membership of the first public institution from Germany means we can also offer our service in this part of the German financial sector. By joining our OTC clearing service, the bank and its clients are able to realize capital efficiencies while benefitting from enhanced safety and transparency,” added Matthias Graulich, Head of Business Relations and OTC Development at Eurex Clearing.
With its new service EurexOTC Clear for IRS, launched on 13 November 2012, Eurex Clearing, a subsidiary of Deutsche Börse AG, fully integrates the clearing and collateralization of OTC and listed derivatives in a single clearing house within one single framework. The new service, which will be further expanded in 2014, is one important element of Eurex Clearing’s comprehensive roadmap in preparing for the changing regulatory environment.
