Eurex Credit Clear clears first single name CDS worldwide
02 September 2009
Eurex Credit Clear is the full STP integration into DTCC Deriv/SERV Trade Warehouse and a state-of-the-art risk management solution specifically designed for CDS.
Eurex Clearing announced that Eurex Credit Clear, as the first central counterparty (CCP) in the world, successfully cleared a single-name credit default swap (CDS). The cleared transaction had a notional value of €5 million; the single-name CDS is based on RWE.
Eurex Credit Clear started production on 27 July 2009 – in line with the timeframe committed by major market participants to use a European CCP for clearing of European index and single-name CDS by 31 July 2009. Eurex Clearing is the first and only CCP wordwide to offer clearing of single-name CDS.
Eurex Clearing has a unique service offering as it operates the only CCP worldwide for both index and single-name CDS. Eurex Credit Clear has also been offering access for both sell-side and buy-side market participants in Europe from day one. Further advantages of Eurex Credit Clear are the full STP integration into DTCC Deriv/SERV Trade Warehouse and a state-of-the-art risk management solution specifically designed for CDS.
Press release
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