Eurex Clearing announced that Eurex Credit Clear as the first central counterparty (CCP) in the world successfully cleared a single name credit default swap (CDS).
The cleared transaction had a notional value of EUR5 million, the single name CDS is based on RWE. Eurex Clearing is the first and only CCP worldwide to offer clearing of single name CDS.
Eurex Clearing has a unique service offering as it operates the only CCP worldwide for both index and single name CDS. Eurex Credit Clear has also been offering access for both sell-side and buy-side market participants in Europe from day one. Further advantages of Eurex Credit Clear are the full STP integration into DTCC Deriv/SERV Trade Warehouse and a state-of-the-art risk management solution specifically designed for CDS.
L.D.