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Newedge Extends Clearing Services to OTC Interest Rate Swaps

Multi-asset brokerage Newedge has been approved for membership to clear over-the-counter interest rate swaps at the Chicago Mercantile Exchange. Achieving authorisation means Newedge is the first futures commission merchant and non-traditional OTC IRS swap dealer to offer central counterparty clearing of OTC interest rate derivatives. “Change inevitably breeds opportunity,” says Newedge CEO Nicolas Breteau. “The developing regulatory agenda has created the opening for Newedge to bring our world-class listed derivatives and OTC commodity swaps clearing expertise to the OTC IRS space. Membership of the CME is another important step forward towards fully realising this opportunity. Strengthening our global platform, sharing our know-how, and offering true impartiality born of our independence, mean that we are well placed to help clients benefit from reduced counterparty risk, default protection, and capital efficiencies from cross-margining opportunities.” Newedge’s move follows...

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