Eurex Clears first swap transaction for US end clients
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Eurex Clears first swap transaction for US end clients 12 February 2019Zug Reporter: Maddie Saghir
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Eurex Clearing has cleared its first swap transaction for end clients domiciled in the US.
Citi is the first futures commission merchant (FCM) that offers client swap through Eurex Clearing.
According to Eurex, eight fund companies have already joined Citi to take advantage of this service.
Eurex has said that the transaction is the next important milestone for Eurex in the strategy to expand US distribution.
Tim Gits, head of fixed income sales Americas, Eurex, said: 鈥淟egal recognition was a prerequisite for offering US-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.鈥�
Mariam Rafi, North American head of OTC Clearing, Cit, commented: "Citi is pleased to pioneer FCM connectivity and to partner with Eurex on the launch of the Legally Segregated Operationally Commingled model."
鈥淧roviding this solution responds to our clients鈥� 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."
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