A member of
About EurexOTC Clear
EMIR 3.0 – active account
CCP Switch
On-boarding
Compression Service
Product Scope
Interest Rate Swaps
Inflation Swaps
Settlement Prices
Service Offering for PSAs
Clearing Member
ISA Direct Member
ISA Direct Light Licence Holder
Clearing Agent
Client
Jurisdictions
Multiple Clearing Relationships
Segregation Set up
Cross-Project-Calendar
Readiness for projects
C7 Releases
C7 SCS Releases
C7 CAS Releases
EurexOTC Clear Releases
Prisma Releases
Member Section Releases
Simulation calendar
Archive
User ID Maintenance
Clearing Hours
Clearing Reports
Product Specifications
Clearing on behalf
Delivery Management
Transaction Management
Collateral Management
Collateral
Transparency Enabler Files
Segregation Models
Reports
Default Fund
Intraday Margin Calls
OTC Clear Procedures
OTC Clear Tutorials
Cross Margining Support
Supplementary Margins
Default Waterfall
Model Validation
Stress testing
Default Management Process
Client Asset Protection under EMIR
Client Asset Protection under LSOC
Credit, concentration & wrong way risk
System-based risk controls
Pioneering CCP Transparency
Haircut and adjusted exchange rates
Securities margin groups and classes
File services
Bond Clusters
Listed derivatives
OTC derivatives
Listed securities
Cash management
Delivery management
CCP eligible instruments
Eurex Newsletter Subscription
Circulars & Newsflashes Subscription
Corporate Action Information Subscription
Circulars & Readiness Newsflashes
News
Videos
Webcasts on demand
Publications
Forms
Events
FAQs
Production Newsboard
Eurex Clearing
Eurex Clearing, one of the world’s leading central counterparties (CCP), has cleared its first swap transaction for end clients domiciled in the U.S. Citi is the first futures commission merchant (FCM) offering client swap clearing through Eurex Clearing. Eight fund companies have already joined Citi to take advantage of this service.
The transaction is the next important milestone in Eurex’s strategy to expand its U.S. distribution. As recently as December 2018, the CCP received approval from the Commodity Futures Trading Commission (CFTC) to offer customer swap clearing in addition to the clearing services for futures already provided.
In this context, Eurex Clearing had launched a refined legal framework that complies with the LSOC (Legally Segregated Operationally Commingled) requirements stipulated by the CFTC for the clearing of customer swap transactions.
Tim Gits, Head of Fixed Income Sales Americas at Eurex: “Legal recognition was a prerequisite for offering U.S.-based customers an alternative for swap clearing. We are pleased that Citi is the first FCM to successfully connect several fund companies which are now filling this model with business.”
Mariam Rafi, North American Head of OTC Clearing at Citi: “Citi is pleased to pioneer FCM connectivity and to partner with Eurex on the launch of the LSOC model. Providing this solution responds to our clients’ desire to access new liquidity venues for euro interest rates. Citi is proud to offer our clients agnostic clearing connectivity to support their evolving business needs.”
Media contacts:
Irmgard Thiessen
Spokesperson for Eurex, Eurex Clearing and Eurex Repo
Mergenthalerallee 61
65760 Eschborn
T +49-(0) 69-2 11-1 59-11