A member of
Eurex Clearing
Two of the largest European investment managers, Insight Investment Management (Global) Limited in London and OFI Asset Management in Paris, have successfully begun client-clearing services of the EurexOTC Clear for Interest Rate Swaps (IRS). Both clients were introduced to the service as Registered Customers by the OTC Derivatives Clearing division of Barclays, a leading provider of global multi-asset clearing solutions for OTC and listed derivatives. Among the first to clear such transactions, Barclays and its clients underlined their first mover commitment to being prepared well ahead of the clearing obligation in Europe.
“EurexOTC Clear is developing a comprehensive package for client-clearing. Clearing OTC and listed interest rate derivatives through a single CCP is a very attractive prospect for our clients. Barclays in turn is committed to providing leading technology and clearing infrastructure to offer clients both operational and capital efficiency under new global regulations. We are therefore pleased to work with Eurex, as a leader in the European listed space, to drive progress in European OTC clearing,” said Stephen Li, Managing Director EMEA, Head of Agency Derivatives Services at Barclays.
Andrew Giles, Co-CIO, Insight Investment added: “OTC swaps are critically important to the successful management of our clients’ liability risks. Insight Investment, and our strategic back-office provider, Northern Trust, have demanding clearing requirements which prioritize efficient margin management and effective asset protection for our clients. We are therefore highly motivated to support CCP models that are innovative in recognizing the specific current and future clearing needs of our institutional clients and the wider long-term savings industry.”
Christophe Lepitre, deputy chief executive of OFI Asset Management, confirmed: “Eurex Clearing is at the forefront of developing fully integrated clearing and collateralization services for derivatives. In particular, we value the client asset protection solutions and the margin efficiencies of the fully integrated CCP offering. We also value the excellent work at Barclays for the efficient service integration and smooth client-onboarding process.”
“We are very pleased about the on-boarding of Insight Investment and OFI Asset Management. Having such large French and UK clients using a UK clearing member to clear client trades demonstrates the strength of our truly European offering,” said Thomas Book, member of the Eurex Executive Board responsible for clearing.
With its new service, EurexOTC Clear for IRS launched on 13 November 2012, Eurex Clearing will fully integrate 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 2013, is one important element of Eurex Clearing’s comprehensive roadmap in preparing for the changing regulatory environment.
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 150 clearing members in 16 countries, managing a collateral pool of around €48 billion and processing gross risks valued at almost €7.5 trillion every month. In 2012, we cleared around 1.7 billion derivatives contracts – nearly half of which were traded off-exchange (over-the-counter, OTC).
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange (ISE), the European Energy Exchange (EEX), Eurex Clearing, Eurex Bonds and Eurex Repo.
Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
About Barclays PLC
Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
About Insight Investment
Insight Investment is a leading asset manager focused on designing investment solutions to meet our clients’ needs. Launched in 2002, Insight Investment is responsible for assets under management of £228.7 bn. (assets under management figure represents the combined assets under management of Insight Investment Management (Global) Limited and Pareto Investment Management Limited, which became part of the Insight group on 1 January 2013) as at 31 December 2012 across absolute return, fixed income, liability-driven investment, cash management, multi-asset and specialist equity strategies. Insight’s assets under management are represented by the value of cash securities and other economic exposure managed for clients.
About OFI Asset Management
For 40 years, the OFI Group has specialised in asset management on behalf of third parties and manages over €54 billion as of 31 December 2012. Held by two major French insurance companies, Macif and Matmut, OFI has developed an offer of multi-expertise management for its clients (companies, banks, insurers, family offices, pension funds and private individuals).