Societe Generale Prime Services, formerly Newedge, today announced it now offers CME Group portfolio margining for its clients. This enhancement enables its clients to treat cleared IRS contracts and exchange traded futures contracts as a single portfolio, resulting in reduced margins when trading CME Group products.
“This important upgrade to our clearing business allows our clients to optimize their cost of collateral as well as take advantage of capital efficiencies,” said Nicholas Gionfriddo, Americas Head of OTC Clearing Sales for Societe Generale Prime Services. “This investment also further affirms our commitment to OTC Client Clearing following our recent service enhancements introducing clearing for our FX NDF and CDS clients.”
At CME Group, a single portfolio of cleared IRS and futures contracts is created by booking a client’s listed futures contracts to their IRS LSOC account. Societe Generale has implemented CME Group’s Optimizer toolkit to facilitate the portfolio margin process for clients in order to allow them to realize these margin efficiencies, with no additional fees charged for the service.
“We continue to offer the most capital efficient clearing solution out there and are pleased to work with a leading European bank to expand this offering,” said Sunil Cutinho, President CME Clearing.
