Eurex Clearing launches EurexOTC Clear for ... - Commerzbank

media release
London and Frankfurt/Main, 15 November 2012
Eurex Clearing launches EurexOTC Clear for Interest Rate Swaps
New OTC clearing service successfully went live on 13 November 2012/
Launch was supported by 10 clearing members/ First transactions successfully cleared /
Strong Client Asset Protection and high capital efficiency through portfolio risk management
Eurex Clearing, Europe’s leading clearing house, announced today that EurexOTC Clear for Interest
Rate Swaps (IRS) successfully went live on 13 November 2012. The launch was supported by
Eurex Clearing’s cooperation banks Barclays, Citigroup Global Markets Ltd., Credit Suisse,
Deutsche Bank and J.P. Morgan. In addition, Commerzbank, HSBC, Royal Bank of Scotland, UBS
and Basler Kantonalbank joined the service for the production start. All ten members have successfully
cleared their first transactions via EurexOTC Clear for IRS. BNP Paribas, Goldman Sachs,
Morgan Stanley, Nomura, NORD/LB, Société Générale and further market participants are preparing
to join the service as clearing members. The support from major OTC dealers and Eurex
Clearing’s timely launch facilitate preparations for the onboarding of buy-side clients ahead of
the start of the clearing obligation in Europe, which is anticipated to commence in the second
half of 2013.
The new OTC clearing service is designed for the needs of clients focusing on safety and efficiency.
Eurex Clearing’s segregation solution – the so-called Individual Clearing Model –offers the
strongest protection and portability with full individual segregation of positions and customer
collateral. At the same time, the service will deliver capital efficiencies to promote cost efficient
compliance with the new regulatory requirements based on a variety of factors including a crossproduct
service portfolio, a broad eligible collateral spectrum and Eurex Clearing Prisma, the
planned portfolio risk management across listed and OTC derivatives.
”Launching a new OTC clearing service is a complex and challenging undertaking. Eurex Clearing
has been very responsive in building a solution tailored to the specific needs of our buy-side clients.
We see significant interest from buy-side firms for the EurexOTC Clear service and continue
to work closely with Eurex Clearing and our clients to onboard in due time to meet the regulatory
requirements and take advantage of the benefits from CCP clearing,” said Piers Murray, Global
Head of OTC Derivatives Clearing & PB at Deutsche Bank.
“Credit Suisse welcomes the expansion of OTC clearing in Europe. The Eurex Clearing platform
offers our clients additional choice for clearing OTC products, which is especially important given
the introduction of mandatory clearing requirements, and we’re very pleased, therefore, to have
cleared the first customer trade through EurexOTC Clear,” said Alex Lenhart, European Head of
Prime Services Listed Derivatives, OTC Clearing and FXPB at Credit Suisse.

Media Release, 15 November 2012, page 2
Adam Husted, European Head of Product Development – OTC Clearing at Barclays stated: “We
are delighted to work closely on this project with Eurex Clearing. We are confident that this initiative
will result in a valuable, tailored clearing solution for our clients.”
Hester Serafini, Head of Europe and Asia OTC Clearing at J.P. Morgan confirmed: “To deliver the
full benefits to buy-side clients the industry needs to have Client Clearing Documentation finalized.
Eurex Clearing – together with major market participants – is very engaged in this industry
effort. Launching the service in mid-November allows clearing brokers and clients to get ready
for the start of the European clearing obligation that we expect to begin in the second half of
2013.”
Guus Warringa, Chief Legal Counsel, Member of the Board, APG Asset Management, said: “The
clearing obligation will alter our business in an unprecedented way. A full segregation solution for
clients, a capital efficient margining process and a broad range of eligible collateral are essential
elements for us in any CCP offering. We welcome Eurex Clearing’s OTC offering as it addresses
major requirements of end clients.”
“Over the last months we have jointly shaped our new clearing service. A lot of progress has
been made with the support of market participants, and we are excited to deliver a superior solution
for OTC client clearing in Europe. Based on our expertise in risk management and our established
clearing of listed derivatives, we will be able to offer a strong solution in terms of product
coverage, Client Asset Protection and capital efficiency,” added Andreas Preuss, CEO Eurex.
With its new service EurexOTC Clear for IRS, Eurex Clearing will fully integrate the clearing and
collateralization of OTC and listed derivatives in a single clearing house within one single framework.
The new service, which will be further expanded in 2013, is one important element of Eurex
Clearing’s comprehensive roadmap in preparing for the changing regulatory environment.
Media Contact:
Heiner Seidel, phone: +49-69-2 11-1 15 00, e-mail: heiner.seidel@eurexgroup.com
About Eurex Clearing
Eurex Clearing is one of the leading central counterparties globally – assuring the safety and integrity of
markets while providing innovation in risk management, clearing technology and client asset protection.
Eurex Clearing provides fully-automated, straight-through post trade services for derivatives, equities,
bonds, secured funding & financing and energy transactions, as well as industry-leading risk management
technologies.
As part of Eurex Group, Eurex Clearing serves more than 110 clearing members in 10 countries, managing
a collateral pool of around 45 billion euros and processing gross risks valued at almost 10 trillion euros
every month. In 2011, we cleared over two billion derivatives contracts – nearly half of which were traded
OTC.
Find out more at www.eurexclearing.com
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange, the European Energy
Exchange, Eurex Clearing, Eurex Bonds and Eurex Repo. Eurex Group is owned by Deutsche Börse AG
(Xetra: DB1).