17 SEPTEMBER 2019, LONDON

Eurex Clearing and Bloomberg have extended their cooperation for interest rate swaps clearing, improving efficiency via straight-through processing.

Eurex Clearing establishes direct connection to Bloomberg’s regulated swap trading venues

February 19, 2019

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Eurex Clearing and Bloomberg have extended their cooperation for interest rate swaps clearing, improving efficiency via straight-through processing.

Bloomberg’s U.S.-based Swap Execution Facility (SEF) and UK Multilateral Trading Facility (MTF) are now connected to Eurex Clearing as Approved Trade Sources (ATS). This allows market participants who are Eurex Clearing clients to submit their executed swap transactions directly through Bloomberg’s SEF or UK MTF to Eurex Clearing as the central counterparty.

Following recent authorization to operate an MTF in the Netherlands, Bloomberg will also look to provide connectivity to Eurex Clearing for its Dutch MTF.

As the requirement to trade a broad range of swaps on regulated venues matures, the demand from both the buy-side and sell-side for direct venue connectivity to Eurex Clearing is increasing. Bloomberg was the first to offer direct connectivity to Eurex for its OTC trading services in 2016, and is now extending this link to Eurex Clearing from its regulated execution venues. 

Nicholas Bean, Head of Electronic Trading Solutions at Bloomberg, says: “Our expanded connectivity to Eurex Clearing delivers a more streamlined workflow to the entire swaps trading process on Bloomberg. We will continue to provide a venue for clients globally to access broad liquidity while leveraging the efficiencies of electronic execution.” 

Danny Chart, Head of Fixed Income Business Development at Eurex Clearing: “Having received CFTC approval to clear interest rate derivatives for U.S. persons under a DCO (Derivatives Clearing Organization) license, direct connectivity to Bloomberg is another important step in expanding our OTC clearing services to sell and buy-side clients in the U.S. and Europe.

Source: Eurex