Connected since 30 August 2013/ Extension of network to cover cooperative financial sector
Eurex Clearing, Europe’s leading clearing house, welcomes DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt/Main, as a new member of EurexOTC Clear for Interest Rate Swaps (IRS). The number of clearing members on EurexOTC Clear increases to 15. In addition to serving major group companies and affiliates, DZ BANK AG will offer its services to other interested clients as well.
“Participation in EurexOTC Clear is a strategic decision for DZ BANK. With Eurex Clearing’s services, we can also expand and enhance our range of services as a clearing broker for banks and institutional clients,” commented Lars Hille, Member of the Board of Managing Directors of DZ BANK AG.
“We are very pleased to welcome DZ BANK AG as a new user of our EurexOTC Clear offering, as this Volksbanken Raiffeisenbanken cooperative financial network is an important pillar in the German banking system. This confirms the attractiveness of our offering,” added Thomas Book, CEO of Eurex Clearing.
EurexOTC Clear for Interest Rate Swaps was launched on 13 November 2012. Eurex Clearing offers fully integrated clearing and collateralization of OTC transactions and listed derivatives in a single clearing house and under one legal framework. Eurex Clearing’s members and their clients benefit from capital efficiency via portfolio margining of listed and OTC transactions alike (cross-margining) as well as a wide range of eligible collateral compared to other CCPs. There are also a variety of segregation solutions, including an Individual Clearing Model that offers maximum protection of client assets and full portability of their positions and collateral.
