Societe Generale Corporate & Investment Banking joins EurexOTC Clear for IRS
Date: Jan 07, 2013
Categories: Markets & Exchanges
Keywords: Societe Generale, EurexOTC Clear
December 27th 2012 - One of the largest European banks, Societe Generale Corporate & Investment Banking, has become a clearing member of EurexOTC Clear for Interest Rate Swaps (IRS). By joining this new CCP for OTC derivatives, Societe Generale Corporate & Investment Banking and its clients will thus be able to prepare for the start of the clearing obligation in Europe.
“As a leading Euro derivatives fixed income house, we are pleased to join the Eurex IRS Clearing platform. This move is part of the bank’s active preparation for new regulation under EMIR. Societe Generale Corporate & Investment Banking is committed to bringing liquidity and support to key IRS OTC Clearing platforms”, said Amaury d’Orsay, Global Head of Long Term Rates at Societe Generale Corporate & Investment Banking.
“We are very pleased to on-board Societe Generale Corporate & Investment Banking as clearing member. This move proves our appealing approach for large sell-side banks given the banks size and importance. By joining our OTC clearing service, they are able to realize capital efficiencies while benefitting from enhanced safety and transparency,” added Thomas Book, member of the Eurex Executive Board and responsible for clearing.
With its new service EurexOTC Clear for IRS – launched on 13 November 2012 –, 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.
Re-disseminated by The Asian Banker