LCH, a leading global clearing house group, today announced that Deutsche Bank has gone live as the first German bank to offer client clearing via CDSClear.
Deutsche Bank Goes Live Offering Client Clearing at LCH CDSClear
April 8, 2019
- Deutsche Bank is the first German bank to offer client clearing through LCH’s CDSClear service
- MEAG and Union Investment are the first clients to connect to CDSClear via Deutsche Bank
LCH, a leading global clearing house group, today announced that Deutsche Bank has gone live as the first German bank to offer client clearing via CDSClear. Asset management firms MEAG and Union Investment are clearing European and US credit default swaps at LCH.
Frank Soussan, Global Head of CDSClear, said: “We’re delighted that Deutsche Bank is the latest clearing broker to join our growing network of firms offering their clients the ability to clear credit derivatives at LCH. The German market is a major hub for credit derivatives, and we are pleased to welcome additional clients from Germany as our customer base continues to expand.”
Nic Maalouf, Global Head - Listed Derivatives and Clearing, Deutsche Bank, said: “We are committed to the derivatives clearing business and continuously review our offering to evolve and grow in line with the demands of our clients. Offering clients access to LCH CDSClear will provide them with more choice, and we are delighted to have completed this milestone.”
Jan Reher, Senior Portfolio Manager Fixed Income, MEAG, said: “Central clearing enables us to benefit from enhanced risk management for our credit derivatives trading business. Connecting to LCH provides us access to a broad range of cleared US and European CDS products and we are pleased to have onboarded via Deutsche Bank.”
Christoph Hock, Head of Multi-Asset Trading, Union Investment, said: “Transparency is an important element of risk management, and accessing LCH CDSClear allows us to trade and clear our credit derivatives in a standardized manner. Within the European CCP landscape LCH has a wide range of credit derivatives available. On these grounds we are happy to have set-up the business relationship to LCH CDSClear to enhance delivering highest quality standards of best execution to our clients.”
LCH is a group of leading multi-asset clearing houses that provides proven risk management capabilities across a range of asset classes. As demand for robust clearing services continues to grow, LCH is committed to maintaining the highest standards of risk management across all our services.
As the markets’ partner, LCH operates an open access model, offering a choice of execution venues, delivering unprecedented choice and efficiencies to the marketplace.
LCH operates clearing houses around the world, with clearing houses incorporated in the UK, France and the United States with additional offices in the Asia Pacific region. It offers clearing services across asset classes including OTC and listed rates; CDS and FX; fixed income; commodities; cash equities and equity derivatives. LCH also serves the non-cleared derivatives market through LCH SwapAgent, a new service which extends the efficiencies and infrastructure of clearing to the market, without acting as a central counterparty.
LCH is majority owned by London Stock Exchange Group (LSE.L), an international markets infrastructure business that sits at the heart of the world's financial community.