Banca IMI joins LCH CDSClear
29 April 2019 Paris
Image: Shutterstock
Banca IMI, the investment bank of Intesa Sanpaolo Group, has joined LCH鈥檚 CDSClear services, marking the first Italian clearing member of the global clearinghouse.
By joining the service, Banca IMI now has access to the clearing of credit derivatives referencing both single names and indices.
Additionally, it will act as a clearing broker, offering credit default swap (CDS) clearing services to its client base.
Banca IMI is already a member of LCH SA鈥檚 EquityClear and RepoClear clearing services; the extension of the membership means the bank will benefit from CDSClear鈥檚 product offering.
The investment bank will also be able to benefit from CDSClear鈥檚 risk management expertise and achieve margin efficiencies through the portfolio margining of offsetting positions cleared at LCH SA.
Frank Soussan, global head of CDSClear, said: 鈥淚鈥檓 delighted to welcome Banca IMI as CDSClear鈥檚 first Italian clearing member, marking an important stage in our growth.鈥�
鈥淒uring 2018, we significantly grew our client clearing business in Europe, as well as processing record volumes of cleared notional, and we look forward to continuing to extend our clearing membership and activity during the course of 2019.鈥�
Massimo Mocio, general manager of Banca IMI, commented: 鈥淛oining CDSClear means that Banca IMI and our clients can benefit from LCH鈥檚 robust risk management across a wide range of credit derivatives.鈥�
Mocio added: 鈥淐learing enables us to mitigate counterparty risk as well as benefit from the capital and operational efficiencies associated with clearing.鈥�
By joining the service, Banca IMI now has access to the clearing of credit derivatives referencing both single names and indices.
Additionally, it will act as a clearing broker, offering credit default swap (CDS) clearing services to its client base.
Banca IMI is already a member of LCH SA鈥檚 EquityClear and RepoClear clearing services; the extension of the membership means the bank will benefit from CDSClear鈥檚 product offering.
The investment bank will also be able to benefit from CDSClear鈥檚 risk management expertise and achieve margin efficiencies through the portfolio margining of offsetting positions cleared at LCH SA.
Frank Soussan, global head of CDSClear, said: 鈥淚鈥檓 delighted to welcome Banca IMI as CDSClear鈥檚 first Italian clearing member, marking an important stage in our growth.鈥�
鈥淒uring 2018, we significantly grew our client clearing business in Europe, as well as processing record volumes of cleared notional, and we look forward to continuing to extend our clearing membership and activity during the course of 2019.鈥�
Massimo Mocio, general manager of Banca IMI, commented: 鈥淛oining CDSClear means that Banca IMI and our clients can benefit from LCH鈥檚 robust risk management across a wide range of credit derivatives.鈥�
Mocio added: 鈥淐learing enables us to mitigate counterparty risk as well as benefit from the capital and operational efficiencies associated with clearing.鈥�
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