Eurex Clearing, a (CCP), announced this Thursday that it has established a direct connection with , a global provider of fixed income, derivatives and ETF marketplaces.
According to the statement released by Eurex, the direct connection will facilitate the clearing of over-the-counter (OTC) interest rate products. For buy- and sell-side firms using the services of both and Eurex Clearing, the connection will increase workflow and execution efficiencies, achieving straight-through processing (STP) benefits.
Source: Eurex Clearing
“As a leading IRS marketplace, Tradeweb is focused on delivering streamlined, lower latency workflows, while simultaneously offering clients flexibility and choice in their clearing counterparty selection in any environment,” continued Enrico Bruni, the head of Europe and Asia business at Tradeweb.
So how does it work? For the trade registration of OTC interest rate products, Eurex Clearing uses the functionality of Approved Trade Sources (ATS). Under the agreement, Tradeweb has been added the Eurex ATS infrastructure.
Union Investment and Citigroup Global Markets execute first trade
This allows Tradeweb’s customers and providers of liquidity to submit their interest rate swap (IRS) trades directly to Eurex Clearing’s OTC CCP for clearing. The first of such trades (made on the Tradeweb IRS platform and cleared by Eurex Clearing) was executed between Union Investment and .
Source: Worldwide Business Research
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