Eurex Clearing, a central clearing counterparty (CCP) for derivatives transactions executed on the Eurex platform, has connected Bloomberg as an approved trade source for EurexOTC Clear, the Interest Rate Swaps Clearing offering of Deutsche Börse. Traders using Bloomberg’s electronic trading or post-trade voice confirmation systems will now be able to directly submit their OTC trades for clearing on Eurex Clearing’s OTC CCP.
The service creates significant workflow and execution efficiencies to the shared clients of Bloomberg and EurexOTC Clear.
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The direct connectivity means that Bloomberg’s large sell and buy-side community can benefit from straight through processing (STP) of their OTC transactions, reducing time to market and providing a valuable improvement for the whole industry. The first trade to be successfully cleared using this direct connectivity was between Société Générale and Zürcher Kantonalbank.
Nicholas Bean, Global Head, Fixed Income Electronic Trading Product at Bloomberg, commented: “Bloomberg’s offering in the IRS swaps electronic trading market is further strengthened by our direct clearing connectivity to Eurex OTC Clear. This service, which Bloomberg is the first to offer, creates significant workflow and execution efficiencies to the shared clients of Bloomberg and EurexOTC Clear. We look forward to working closely with Eurex Clearing as the clearing mandate in Europe approaches.”
Philip Simons, Global Head, Fixed Income & FX Derivatives Trading & Clearing Sales at Deutsche Börse added: “For Eurex Clearing, the addition of Bloomberg further increases its value proposition, offering clients a broader choice of electronic trading platforms and adding liquidity from a diversified pool of buy and sell side firms connected to Bloomberg.”