Delivering client execution and clearing services for the new interest rate swap futures contract
Bank of America Merrill Lynch, one of the world’s leading financial institutions, will be a participant of the GMEX Exchange when the exchange launches on 7th August 2015.
Bank of America Merrill Lynch will offer execution and clearing services, for the GMEX products, to its client base.
The initial products traded will be GMEX’s pioneering Interest Rate Swap Constant Maturity Futures (“IRS CMF”) contracts, backed by Eurex, which bring the benefits of futures trading closer to OTC products, while delivering the efficiencies of centralised order execution, standardised central clearing and hedging of interest rate exposure. Bank of America Merrill Lynch will provide clearing, execution and settlement services for the IRS CMF contract in the same way as their other Eurex derivatives contracts, acting as a General Clearing Member through its membership of Eurex Clearing.
Brooks Stevens, managing director, European head of Futures & Options, OTC Clearing and Foreign Exchange Prime Brokerage at Bank of America Merrill Lynch, commented: “We are pleased to be extending our range of products to include the IRS CMF from GMEX Exchange. The contract provides additional choice to clients that are looking for alternatives to standardized exchange-traded derivatives and OTC products.”
“We are delighted to welcome Bank of America Merrill Lynch as a participant of GMEX Exchange to facilitate access for institutional and professional derivatives traders internationally,” said Hirander Misra, CEO and Co-founder of GMEX Group. Adding, “with the client distribution Bank of America Merrill Lynch brings, we continue to build momentum for our launch and look forward to bringing our IRS CMF to a wide range of buy side firms, banks and futures trading houses.”
Global Markets Exchange Group Limited (GMEX) is authorised and regulated by the UK Financial Conduct Authority (FCA) to operate GMEX Exchange.
