Eurex Clearing reports this morning that it has cleared the first over-the-counter (OTC) interest rate swap transaction for a Japanese securities house. It says this is an important step as client demand from one of the world's largest fixed income markets will support the strong momentum of its EU-based liquidity pool for euro swaps.

The transaction was executed by SMBC Nikko Securities Inc, and Citibank Global Markets Inc acted as the Clearing Member. In March, Eurex Clearing received "foreign financial instruments clearing organization" status from Japan's Financial Services Agency (FSA). This allows Japanese financial institutions to directly access Eurex Clearing for swap clearing and combine their listed and OTC euro yield curve business in one place.

Markus Georgi, Eurex's Head of Fixed Income Sales Asia, said: "Adding Japan as an eligible jurisdiction for our OTC Clearing offering, followed by the first transaction cleared for SMBC Nikko Securities, marks a very important milestone for Eurex Clearing on our way to become the home of the euro yield curve."

Rohit Verma, Citi's APAC Head of OTC Clearing and FXPB, added: "Eurex's connectivity will provide our Japanese clients with a holistic clearing solution, encouraging competition. Citi is proud to bring the largest share of customer flows for onshore yen clearing. With this step targeting euro swap clearing from Japan, we further cement our market leading position in Japan and underline our commitment as an innovator and leader in the industry."

Shun Yanagisawa, Citi's Japan Head of Futures, OTC Clearing and FXPB, commented: "Citi is strategically committed to Japan, and we are pleased to extend our industry-leading offering by providing Japanese clients the ability to clear swaps via the ‘agency' client clearing model on Eurex. Our comprehensive clearing house connectivity allows our clients to access the deepest pools of liquidity while navigating the challenges of CCP basis."

Masataka Okumura, SMBC Nikko Securities' Head of Derivatives Business Promotion said: "Ensuring access to a clearing house that is determined to develop an attractive alternative for the clearing of OTC interest rate swaps should help us provide our clients with better investment opportunities."

Eurex Clearing says it has developed a strong liquidity pool for clearing euro-denominated interest rate derivatives, largely through its partnership programme launched in early 2018. This market-led initiative is designed to further accelerate the development of a liquid, EU-based alternative for the clearing of OTC interest rate derivatives.

Eurex Clearing says it benefits clients and the broader marketplace through greater choice, improved price transparency, as well as reduced concentration risk. Total notional outstanding of over EUR 19 trillion (as of end of May) keeps Eurex's overall market share at about 18 percent.

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Eurex Clearing reports this morning that it has cleared the first over-the-counter (OTC) interest rate swap transaction for a Japanese securities house. It says this is an important step as client demand from one of the world's largest fixed income markets will support the strong momentum of its EU-based liquidity pool for euro swaps.

The transaction was executed by SMBC Nikko Securities Inc, and Citibank Global Markets Inc acted as the Clearing Member. In March, Eurex Clearing received "foreign financial instruments clearing organization" status from Japan's Financial Services Agency (FSA). This allows Japanese financial institutions to directly access Eurex Clearing for swap clearing and combine their listed and OTC euro yield curve business in one place.

Markus Georgi, Eurex's Head of Fixed Income Sales Asia, said: "Adding Japan as an eligible jurisdiction for our OTC Clearing offering, followed by the first transaction cleared for SMBC Nikko Securities, marks a very important milestone for Eurex Clearing on our way to become the home of the euro yield curve."

Rohit Verma, Citi's APAC Head of OTC Clearing and FXPB, added: "Eurex's connectivity will provide our Japanese clients with a holistic clearing solution, encouraging competition. Citi is proud to bring the largest share of customer flows for onshore yen clearing. With this step targeting euro swap clearing from Japan, we further cement our market leading position in Japan and underline our commitment as an innovator and leader in the industry."

Shun Yanagisawa, Citi's Japan Head of Futures, OTC Clearing and FXPB, commented: "Citi is strategically committed to Japan, and we are pleased to extend our industry-leading offering by providing Japanese clients the ability to clear swaps via the ‘agency' client clearing model on Eurex. Our comprehensive clearing house connectivity allows our clients to access the deepest pools of liquidity while navigating the challenges of CCP basis."

Masataka Okumura, SMBC Nikko Securities' Head of Derivatives Business Promotion said: "Ensuring access to a clearing house that is determined to develop an attractive alternative for the clearing of OTC interest rate swaps should help us provide our clients with better investment opportunities."

Eurex Clearing says it has developed a strong liquidity pool for clearing euro-denominated interest rate derivatives, largely through its partnership programme launched in early 2018. This market-led initiative is designed to further accelerate the development of a liquid, EU-based alternative for the clearing of OTC interest rate derivatives.

Eurex Clearing says it benefits clients and the broader marketplace through greater choice, improved price transparency, as well as reduced concentration risk. Total notional outstanding of over EUR 19 trillion (as of end of May) keeps Eurex's overall market share at about 18 percent.