A member of
Eurex Clearing
Two of the world’s largest financial institutions, BofA Merrill Lynch and Goldman Sachs, have become clearing members of EurexOTC Clear for Interest Rate Swaps (IRS). By joining this new central counterparty (CCP) for over-the-counter (OTC) derivatives, the clearing members and their clients will be able to expand their preparations for the impending OTC clearing obligations in Europe.
Brooks Stevens, Managing Director, EMEA Head of Futures & Options and OTC Clearing at BofA Merrill Lynch commented: “We are committed to offering a market leading clearing solution. EurexOTC Clear provides an additional choice to take advantage of the efficiencies clearing brings, particularly when mandated clearing of OTC products is rolled out in Europe.”
“Goldman Sachs and Eurex have enjoyed strong working relationships through the development of new market initiatives, including EurexOTC Clear for IRS. We have cooperated closely on the individual segregation model which resulted in our joint ability to offer the first client access to this robust asset protection model. We look forward to continuing to partner with the industry and Eurex on this market evolution,” said Stuart Connolly, EMEA Head of OTC Clearing, Goldman Sachs International.
“We are very pleased to on-board BofA Merrill Lynch and Goldman Sachs as clearing members. This move proves our appealing approach for large sell-side banks. By joining our OTC clearing service, they and their clients are able to realize capital efficiencies while benefitting from enhanced safety and transparency,” added Matthias Graulich, Head of Business Relations and OTC Development, 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.
About BofA
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 51 million consumer and small business relationships with approximately 5,300 retail banking offices and approximately 16,350 ATMs and award-winning online banking with 30 million active users and more than 13 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About Eurex Clearing
Eurex Clearing is one of the leading central counterparties globally – assuring the safety and integrity of markets while providing innovation in risk management, clearing technology and client asset protection. Eurex Clearing provides fully-automated, straight-through post trade services for derivatives, equities, bonds, secured funding & financing and energy transactions, as well as industry-leading risk management technologies.
As part of Eurex Group, Eurex Clearing serves more than 110 clearing members in 10 countries, managing a collateral pool of around 45 billion euros and processing gross risks valued at almost 10 trillion euros every month. In 2011, we cleared over two billion derivatives contracts – nearly half of which were traded OTC.
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange, the European Energy Exchange, Eurex Clearing, Eurex Bonds and Eurex Repo. Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
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