Eurex swaps clearing service momentum builds

EurexOTC Clear, the clearing service for interest rate swaps (IRS) launched by Eurex Clearing in November 2012, reached two milestones this week.

EurexOTC Clear, the clearing service for interest rate swaps (IRS) launched by Eurex Clearing in November 2012, reached two milestones this week.

First, it cleared its first US dollar-denominated interest rate swaps trades on 21 May. Overall, EurexOTC Clear reported 30 trades, denominated in euros, Swiss francs and US dollars, with a total amount traded of €560 million for the day. 

With €24 billion open interest and €31 billion turnover, Eurex is now the second largest OTC derivatives clearing house in Europe. EurexOTC Clear is now experiencing “continuous daily trading activity”, the firm added.

A total of 51 firms have registered as EurexOTC Clear IRS clearing members. Eurex Clearing, the clearing arm of Deutsche Börse, provides clearing and collateralisation services for both OTC and listed derivatives. It was authorised under the European market infrastructure regulation in April 2014.

SwapClear, the global interest rate swap clearing platform owned by LCH.Clearnet, clears more than 50% of all OTC interest rate swaps globally. It reported a client notional cleared total of US$115 trillion and notional outstanding of US$419 trillion as at close of business on 22 May.

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