Eurex intends to build a consortium structure to provide shared governance and control. The proposal received support from European authorities, the derivatives exchange said.
Eurex presented its proposal for a central clearing solution for OTC credit derivatives. Eurex intends to build a consortium structure to provide shared governance and control. The proposal received support from European authorities, the derivatives exchange said. Also the Deutsche Bundesbank backs a European central clearing solution for OTC credit derivatives which will enhance the soundness and stability of European financial markets, it states.
In a first stage, Eurex offers a ready-to-use solution for iTraxx® index contracts, as well as certain single name CDS products. CDX® contracts will be added, subject to signing a license arrangement with Markit.
In the first half of 2009, this offering will be complemented by an OTC clearing solution for ISDA documented credit derivatives. The Eurex Clearing solution will be directly linked into the existing data warehouse infrastructure.
“Eurex Clearing’s central counterparty clearing model has proven resilient and robust for listed futures and options products, especially during the recent turbulence in the financial markets”, Thomas Book, member of the Eurex Executive Board said-
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