BAML Connects to GMEX as Clearing and Settlement Agent

Bank of America Merrill Lynch (BAML) has connected to GMEX Exchange, Eurex’s fledging London-based swaps futures trading platform.

BAML will provide client execution, clearing and settlement services for interest rate swap constant maturity future (IRS CMF) contract, in the same as their other Eurex derivatives contracts, via its General Clearing membership.

“The contract provides additional choice to clients that are looking for alternatives to standardized exchange-traded derivatives and OTC products,” says Brooks Stevens, European head of Futures & Options, OTC Clearing and FX Prime Brokerage, BAML.

Swap futures have emerged as viable alternatives to OTC interest rate swaps which have become increasingly costly to trade due to global central clearing mandates.

GMEX is preparing the launch of the exchange this Friday.