Deutsche Bank Frankfurt has become a general clearing participant for EuroCCP, as part of its plans to grow its clearing business for clients.
The addition brings EuroCCP's total number of approved clearing participants to 26, 15 of which are general clearing participants.
By becoming a general clearing participant, Deutsche Bank Frankfurt will be able to clear its own trades, as well as those from trading firms that are not EuroCCP participants. Deutsche Bank intends to grow its general clearing member business and offer its customers a choice of CCP.
Commenting on the move, Dieter Bernhard, head of direct securities services at Deutsche Bank Frankfurt, said: "There is huge demand across Europe for efficient and lower cost clearing services. We believe that EuroCCP will continue to deliver this to its members and so we have chosen to join as a clearing participant."
EuroCCP said adding Deutsche Bank Frankfurt as a general clearing participant was a natural evolution of its relationship with the bank, and it will continue to grow its business in the region.
EuroCCP is in the process of merging with the European Multilateral Clearing Facility as part of its goal to deliver greater efficiencies and compete in the pan-European cash equities clearing market. The merger is currently awaiting regulatory approval.