As of today, the Supervisory Board of Eurex Clearing, one of the largest clearing houses globally and part of Deutsche Börse Group, welcomes three new members.
Tammo Diemer, Managing Director at the Federal Republic of Germany Finance Agency GmbH, will succeed Jutta Dönges.
In addition, two new members were appointed based on the Eurex Clearing Partnership Program. The performance-based program grants the five most active financial institutions in the clearing of over-the-counter interest rate derivatives a seat on the Supervisory Board and thus a voice in corporate policy.
In the past two years these were: Commerzbank, Deutsche Bank, J.P. Morgan, LBBW and UniCredit. For the latter, Tong Lee, Head of Fixed Income & Currencies at UniCredit Group, will be a member of the board in future. For Deutsche Bank, David Feldmann, Head of Capital Markets Germany, Austria & Switzerland, will take over the mandate from Stefan Hoops, Head of Corporate Bank. Raphaël Masgnaux of BNP Paribas leaves the Board at the end of his term.
Eurex Clearing launched the program in 2018 to promote Euro Clearing in the EU-27. Besides the five Supervisory Board mandates, the ten most active participants will share in the earnings. In addition, they are involved in the strategic development of the company through a seat on the FIC Board Advisory Committee. Morgan Stanley will be a member of this advisory body for the first time.
Since its launch, the program has gained broad market acceptance with 40 market participants joining from the USA, Great Britain, Asia and Continental Europe. In terms of outstanding volume, Eurex Clearing’s market share in clearing over-the-counter interest rate derivatives has risen from 2.8 percent at the beginning of 2018 to currently stand at 18 percent.