The Australian Securities Exchange (ASX) has marked the first customer on its client clearing service.
The service is available for ASX’s futures and OTC clearing.
Last week, Merrill Lynch (Australia) Futures, a subsidiary of Bank of America Merrill Lynch, migrated the first end client to the service.
ASX said this first customer was an important milestone in the development of its post trade offering.
The exchange said that it provides greater certainty in moving positions and margin, in the event of the default of the clearing participant, that it minimises regulatory capital costs for customers subject to new regulations and it reduces costs through enabling cross margining between futures and OTC interest rate swaps cleared through ASX.