NO 238 – DECEMBER 2012
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WFE Focus December 2012
Post trade

Clearstream opens hedge fund processing center in Dublin

Clearstream has established a branch in Dublin to extend its post-trade offering in the area of investment funds to hedge funds. Clearstream’s Dublin branch will extend the company’s investment funds business to alternative funds and allow Clearstream to service the entire range of funds: mutual funds, ETFs and hedge funds.

CME Group launches CME repository service

Once regulatory approval received, CME Group launched the CME Repository Service as a swap data repository for credit default swaps, interest rate swaps, commodities and foreign exchange asset classes. Market participants will be able to direct swap trades to the CME Repository by using existing CME interfaces and third party connectivity points, thereby maximizing efficiencies and avoiding the additional cost associated with establishing connectivity to other swap data repositories.

CME Clearing Europe expands metals offering with two iron ore contracts

CME Clearing Europe has added two new OTC iron ore contracts for clearing: Iron Ore 62% CFR China Calendar Swaps and Iron Ore 62% CFR China Average Price Options beginning 10 December 2012 subject to regulatory approval. This expansion is intended to help customers manage their risk associated with China’s construction industry.

DTCC receives CFTC approval to add commodities to its swap data repository

The Depository Trust & Clearing Corporation announced that the Commodity Futures Trading Commission has approved a request by DTCC Data Repository to amend its multi-asset class swap data repository in the US to include commodity derivatives. The CFTC granted provisional registration to DTCC to operate a US swap data repository for OTC credit, equity, interest rate and foreign exchange derivatives.

Eurex Clearing launches EurexOTC Clear for interest rate swaps

On 13 November 2012, Eurex Clearing launched EurexOTC Clear for Interest Rate Swaps. 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 cross-product service portfolio, a broad eligible collateral spectrum and Eurex Clearing Prisma, the planned portfolio risk management across listed and OTC derivatives

LCH.Clearnet to extend interest rate swap clearing service to Australian banks

LCH.Clearnet Group will extend its clearing business for OTC interest rate instruments to Australian banks. It will apply for an Australian clearing and settlement facility licence that would enable it to offer its LCH.Clearnet’s SwapClear OTC interest rate swap clearing to Australian banks.

NYSE Euronext’s Interbolsa becomes Portuguese treasury bills CSD

Interbolsa, a subsidiary of NYSE Euronext and the Central Securities Depository for the Portuguese market, has become the official CSD for Portuguese treasury bills. Interbolsa will be responsible for ensuring not only the registration and control of the Treasury Bills but also the settlement of transactions.

NYSE Liffe expands Bclear service to include fixed-income products

NYSE Liffe, the European derivatives business of NYSE Euronext, expanded Bclear, the Exchange’s trade confirmation, administration and clearing service, with the introduction of fixed-income products. The new contracts available through Bclear will be Three Month Euro (Euribor) Futures, Three Month Sterling (Short Sterling) Futures and Long Gilt Futures.

Singapore Exchange completes OTC portfolio compression service

Singapore Exchange has completed its first compression of cleared Singapore dollar interest rate swaps held by clearing members. Portfolio compression involves the elimination of trades whilst keeping the market exposure of the clearing member almost unchanged. This reduces the quantum of outstanding positions of participating members in terms of number and notional size of cleared trades, thereby enhancing operational efficiency for members.