Bayerische Landesbank has become a clearing member of EurexOTC Clear for Interest Rate Swaps (IRS).
By connecting to Eurex Clearing’s CCP for OTC derivatives, the bank is preparing itself ahead of time for the clearing obligation for OTC derivatives in Europe expected in 2014. BayernLB’s provides services for savings banks. It also offers them corresponding clearing services.
Oliver Dressler, head of the Treasury Products Division at BayernLB, explained:
“We are delighted that we have been able to make the connection to EurexOTC
Clear successfully and in a timely manner. From now on, our clients can use Eurex’s fully integrated clearing offering in conjunction with our expertise. The clearing connection to EurexOTC Clear means we are optimally prepared for the upcoming EMIR obligations.”
Launched in November, Eurex Clearing fully integrates the clearing and collateralization of OTC and listed derivatives in a single clearinghouse within one single framework. The new service will further expand in 2014.
BayernLB Connects to EurexOTC Clear
Bayerische Landesbank has become a clearing member of EurexOTC Clear for Interest Rate Swaps (IRS).