J.P. Morgan goes live with CDSClear
03 July 2018 London
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J.P. Morgan has gone live as CDSClear鈥檚 first US bank to offer client clearing.
As a result, Swedish pension fund AMF is now clearing European and US credit default swaps through CDSClear, using J.P. Morgan Securities as its clearing broker.
CDSClear began offering client clearing in 2017, and according to The London Stock Exchange (LCH), the go-live builds on its growing credit default swap (CDS) clearing business.
Frank Soussan, global head of CDSClear at LCH, said: 鈥淎s the first US bank to offer CDSClear鈥檚 services to its clients, we鈥檙e delighted to welcome J.P. Morgan as our latest clearing broker. We鈥檙e focused on continuing to grow our reach and extending clearing broker access is an important part of this.鈥�
Nick Rustad, head of global clearing, J.P. Morgan, commented: 鈥淲e are focused on providing clients with a choice of derivatives clearing solutions, and access via LCH. CDSClear will further open up a wide range of European and US credit derivatives to them. The associated cross margining opportunity is also one of the core benefits that clearing has to offer.鈥�
Bengt Bj枚rk茅n, head of fixed income at AMF, said: 鈥漅isk management is a high priority for us and clearing offers us an efficient way of mitigating counterparty risk. CDSClear offers access to clearing a wide range of credit products and AMF are very pleased to be working with LCH and JP Morgan in this area.鈥�
As a result, Swedish pension fund AMF is now clearing European and US credit default swaps through CDSClear, using J.P. Morgan Securities as its clearing broker.
CDSClear began offering client clearing in 2017, and according to The London Stock Exchange (LCH), the go-live builds on its growing credit default swap (CDS) clearing business.
Frank Soussan, global head of CDSClear at LCH, said: 鈥淎s the first US bank to offer CDSClear鈥檚 services to its clients, we鈥檙e delighted to welcome J.P. Morgan as our latest clearing broker. We鈥檙e focused on continuing to grow our reach and extending clearing broker access is an important part of this.鈥�
Nick Rustad, head of global clearing, J.P. Morgan, commented: 鈥淲e are focused on providing clients with a choice of derivatives clearing solutions, and access via LCH. CDSClear will further open up a wide range of European and US credit derivatives to them. The associated cross margining opportunity is also one of the core benefits that clearing has to offer.鈥�
Bengt Bj枚rk茅n, head of fixed income at AMF, said: 鈥漅isk management is a high priority for us and clearing offers us an efficient way of mitigating counterparty risk. CDSClear offers access to clearing a wide range of credit products and AMF are very pleased to be working with LCH and JP Morgan in this area.鈥�
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