Matthias Graulich, Eurex Clearing
"We are delighted that the Bund will use our service to clear OTC interest rate swaps."
Eurex Clearing, part of Deutsche Börse Group, has admitted another participant for EurexOTC Clear - the German Bund represented by the Bundesrepublik Deutschland - Finanzagentur GmbH (the Federal Republic of Germany - Finance Agency).
The Finance Agency, which has been responsible for the borrowing and debt management of the Federal Republic of Germany and its funds since 2000, plans to be active as a direct clearing member of EurexOTC Clear on behalf of the Federal Republic in the fourth quarter of 2015.
The Finance Agency is already a user of the services of the Eurex companies Eurex Repo and Eurex Bonds. It acts solely in the name of Germany and for its account on the financial market. Its key tasks include ensuring the solvency of the Bund, and preserving and expanding its benchmark position as issuer of government bonds in the euro area.
"In the future, the Bund will take advantage of the highest possible market depth and liquidity that a clearing service offers as well as the reduction of operational risks during the settlement process for its interest rate swap transactions," said Tammo Diemer and Carsten Lehr, Co-CEOs of the Finance Agency.
"We are delighted that the Bund will use our service to clear OTC interest rate swaps. This underscores the strength of the offering and adds an important new user to the broad and diverse business mix of our service," said Matthias Graulich, chief client officer and member of the Eurex Clearing Executive Board.