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WFE Focus April 2011
Post trade

Australian Stock Exchange and Clearstream develop collateral management service

The Australian Stock Exchange Group has signed a letter of intent with Clearstream, part of the Deutsche Borse Group, to develop a new collateral management service for the Australian market. ASX will provide the service using Clearstream’s technology. The service will directly link to CHESS and Austraclear, and provide local financial market participants with operational and portfolio efficiencies for managing their bilateral and central counterparty risk exposures with non-cash collateral, and short term funding requirements.

CME Clearing Europe recognized by CFTC as a derivatives clearing organization

The Commodity Futures Trading Commission issued an order granting CME Clearing Europe registration as a derivatives clearing organization. Under the terms of the order, CME Clearing Europe is authorized to clear swaps on energy, agricultural, freight and metals products executed either bilaterally or on or through a swap execution facility. CME Clearing Europe may also clear forward contracts on energy, agricultural, freight and metals products.

DTCC launches DVP platform for syndicated loan market

The Depository Trust & Clearing Corporation, in conjunction with Markit, launched its Loan/SERV Cash on Transfer service. The DTCC service, coupled with Markit’s loan settlement platform, gives the global syndicated loan market its first delivery-versus-payment (DVP) platform for secondary loan trading. The service is a major advance in reducing settlement risk in the loan market.

Eurex Clearing launches first major element of its new client asset protection services

Eurex Clearing launched its “Individual Clearing Model”, the first major element of a new suite of industry leading client segregation services. The new service is the first segregation solution offered by a clearing house enabling full legal and operational segregation of all assets (positions and margin collateral) for its non-clearing members (clients with trading admission) at the clearing house level. The new model allows for collateral and positions to be transferred immediately in the event of a clearing member default, thus clients are protected and enabled to continue their trading activities. Eurex Clearing will also launch a so-called Omnibus Model, offering segregation of client assets in an omnibus account with higher operational efficiency and flexibility for the clearing member.

Monte Titoli opens settlement link with Euroclear UK & Ireland

The London Stock Exchange Group’s subsidiary Monte Titoli, a CSD and provider of financial settlement services, has established a new settlement link with Euroclear in the UK and Ireland. The link will allow participants to further harmonize settlement of their cross-border trading activity within Europe.

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