First european buy-side client live on CDSClear

Initially published on Tuesday 28 March 2017

LCH, a leading global clearing house, has announced that its first European buy-side client is now live on CDSClear. Amundi is now clearing credit default swaps (CDS) at CDSClear via its clearing broker BNP Paribas.


The expansion into client clearing is the latest development for CDSClear, which has seen activity on its service grow significantly in recent months.
 
Frank Soussan, Global Head of CDSClear, LCH, said: "We are pleased to have extended our service to the buy-side by successfully onboarding Amundi as our first European client through our partnership with BNP Paribas. We are committed to offering our customers a comprehensive product offering to effectively manage risk, and this approach is proving popular among market participants looking to realise the benefits of clearing."
 
Raphaël Masgnaux, Global Head of Prime Solutions & Financing, BNP Paribas, said: "This launch is an important development for us and the industry as it gives buy-side firms more choice of where to clear their CDS contracts, following the introduction of the non-cleared margin requirements and credit clearing mandate in Europe. We're pleased to have supported LCH and Amundi through this onboarding process, as we continue to offer our client franchise the fullest suite of Prime Solutions' products, recognising the potential growth for CDSClear."
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