Deutsche Börse Group announced on its website earlier today that Swiss Life Asset Managers has been added to Eurex Clearing as direct clearing member.
Swiss Life Asset Managers is the first buy-side client using the central counterparty’s ISA Direct service for OTC Interest Rate Derivatives with ABN AMRO acting as clearing agent. ISA Direct supports both the sell- and the buy side.
Jan Grunow, Head of Operations at Swiss Life Asset Managers:
By being able to directly connect to Eurex Clearing, our concerns about credit risk and the portability of our assets are much better addressed. The ISA Direct model alleviates many of our concerns and helps us to meet the regulatory requirement of central clearing.
We are delighted to partner with Swiss Life,” said Alexander Jacobs, Head of OTC Clearing at ABN AMRO Clearing. “We are committed to bringing innovative clearing services to our clients. The ISA Direct set up offers capital, operational and risk efficiencies for all parties including novel collateral management solutions.
We welcome Swiss Life on board and thank ABN AMRO Clearing for its continued support. It confirms the value proposition of the ISA Direct model and we look forward to working with market participants to accelerate the adoption of this innovative service.