Eurex Clearing, Europe’s leading clearing house and part of Deutsche Börse Group, announced that HSBC France is a new user of EurexOTC Clear for Interest Rate Swaps (IRS). The company has been connected as direct clearing member and has already cleared first transactions via EurexOTC Clear. The Paris-based HSBC France is a subsidiary of one of the largest banks worldwide. 

“We are delighted that HSBC France has decided to also use our OTC clearing service for its interest rate swaps business. Our offering helps to ease the rising costs of regulation by benefitting from margin, capital and collateral efficiency,” said Matthias Graulich, Chief Client Officer, Eurex Clearing. 

Currently, around 50 clearing members and more than 80 buy-side firms are connected to Eurex Clearing’s OTC service. The transaction volume and open interest continue to grow despite the delay of the clearing obligation in Europe. 

EurexOTC Clear is designed for clients who are focused on safety and efficiency for their OTC derivatives exposure. At the same time, the service delivers capital efficiencies to promote cost-efficient compliance with regulatory requirements based on a variety of factors including a cross-product service portfolio, a broad eligible collateral spectrum and the Eurex Clearing Prisma risk management system across listed and OTC derivatives.

Eurex Clearing offers fully integrated execution with clearing and collateral management of OTC and listed derivatives in a single clearing house within one single legal and operational framework.