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BNP Paribas and Morgan Stanley partner with EurexOTC Clear

BNP Paribas and Morgan Stanley have joined EurexOTC Clear for Interest Rate Swaps (IRS), Eurex Clearing's central counterparty service for OTC derivatives, bringing the total number of clearing members to 32.

BNP Paribas FI Clearing global co-head Gavin Dixon said, "Joining EurexOTC Clear is a major element of our approach to offer a full scope of OTC CCP services to our clients all over Europe.

"Eurex Clearing’s CCP offering together with our expertise will enable our clients to have a choice of CCP provider and prepare for OTC clearing prior to the start of the EMIR mandatory clearing date."

Morgan Stanley European OTC Clearing head Andy Ross said that Eurex Clearing is a major provider of CCP services in Europe and a lot of demand is seen from its clients to take advantage of the clearing service in interest rate swaps.

Operating as a subsidiary of Deutsche Börse, Eurex Clearing fully integrates the clearing and collateralization of OTC and listed derivatives in a single clearing house within one single framework.

Eurex Clearing will remain expanding the services in 2014, which is a major element of Eurex Clearing’s comprehensive roadmap in preparing for the changing regulatory environment.