French bank Credit Agricole CIB has become the latest direct clearing member of Eurex OTC Clear for interest rate swaps.
Credit Agricole is already a member of Eurex Repo and Eurex Bonds, however by joining Eurex OTC Clear, it allows the bank to access Eurex’s cross margining service for derivatives and reduce its clearing costs.
“Direct membership to Eurex Clearing has been a trend we can observe over the last 12 months, therefore we are pleased that with Crédit Agricole CIB the next important French sell-side bank has joined our OTC clearing service for interest rate swaps,” said Matthias Graulich, member of the Eurex Clearing Executive Board.
Currently, around 50 direct clearing members and around 100 buy-side firms are connected to Eurex Clearing’s OTC service.