NASDAQ OMX Clearing has cleared its first interest rate swap for a buy-side client, which occurred between SEB and Nektar Asset Management.
Buy-side firms such as Nektar can access the OTC clearing service through NASDAQ-approved clearing members, of which SEB is one.
“There has been significant buy-side interest for an efficient and effective clearing offering. We are pleased to deliver access to this important client group and the adoption has been positive. We are experiencing steady volume growth and recently reached 200 [billion Swedish krona] in cleared IRS volumes,” says Magnus Billing, president of NASDAQ OMX Stockholm and head of fixed Income.
NASDAQ OMX Clearing currently can clear Swedish Krona denominated interest rate swaps, overnight index swaps and forward rate agreements. The company plaans to expand its clearing capabilities to include Danish Krona, Norwegian Krona and Euro denominated instruments during 2014.
NASDAQ Clears First Interest Rate Swap for Buy Side
NASDAQ OMX Clearing has cleared its first interest rate swap for a buy-side client, which occurred between SEB and Nektar Asset Management.