Crédit Agricole CIB is a new user of EurexOTC Clear for Interest Rate Swaps (IRS), a service offered by Eurex Clearing, one of Europe’s leading clearing houses and part of the Deutsche Börse Group. Crédit Agricole CIB has been connected as a direct clearing member recently. The company is the Corporate & Investment Banking arm of the Crédit Agricole Group, one of the leading financial sell-side institutions in France.
Commenting on the new membership, Arnaud d’Intignano, Head of Transversal Functions Group within the Global Market Division at Crédit Agricole CIB, said: “Joining EurexOTC Clear confirms Crédit Agricole CIB’s commitment to be present where the bank’s European clients choose to clear their OTC derivatives to comply with the EMIR clearing obligation. We are already a clearing member of Eurex Repo and Eurex Bonds. This extended membership will allow the bank to benefit from cross margining and hence to reduce our clearing cost in the future”.
Matthias Graulich, member of the Eurex Clearing Executive Board, said: “Direct membership to Eurex Clearing has been a trend we can observe over the last 12 months, therefore we are pleased that with Crédit Agricole CIB the next important French sell-side bank has joined our OTC clearing service for interest rate swaps. Our offering in general and direct membership in particular help to ease the rising costs of regulation by benefitting from margin, capital and collateral efficiency”.
Currently, around 50 direct clearing members and around 100 buy-side firms are connected to Eurex Clearing’s OTC service. The transaction volume and open interest continue to grow. EurexOTC Clear is designed for clients who are focused on safety and efficiency for their OTC derivatives exposure. The service delivers capital efficiencies to promote cost-efficient compliance with regulatory requirements based on a variety of factors including a cross-product service portfolio, a broad eligible collateral spectrum and the Eurex Clearing Prisma risk management system across listed and OTC derivatives.
Eurex Clearing offers fully integrated execution with clearing and collateral management of OTC and listed derivatives in a single clearing house within one single legal and operational framework.
