Shahid Ikram, Chief Investment Officer at Aviva Investors said: "Aviva Investors view OTC derivatives as integral to the investment management process, enabling us to better manage our clients' portfolios and to capture investment performance on their behalf. It is key for us to have the necessary infrastructure in place to continue to use OTC derivatives to add value to our clients' portfolios."
Paul Twohey, European Head of OTC Clearing at Credit Suisse stated: "We welcome the roll out of CME Clearing Europe's OTC Clearing Platform, providing market participants with an increased choice of venues at which to clear their OTC positions in line with regulatory requirements."
"We are delighted to be the first to complete a cleared trade for Aviva, one of our key clients, on CME Clearing Europe's platform," said Hester Serafini, global co-head of OTC Clearing at J.P. Morgan. "With the U.S. now already underway with swaps clearing, this is a significant step for the European market and a template as we build towards mandatory clearing under EMIR."
To date, CME Clearing in the U.S. has cleared more than $1.75 trillion in OTC interest rate swap volume, and open interest has grown to more than $1 trillion. In addition, CME Group began listing and clearing on 13 November in the U.S. Deliverable Interest Rate Swap Futures contracts, listed by and subject to the rules of CME, providing access for U.S. customers to interest rate swap exposure.About CME Group and CME Clearing EuropeAs the world's leading and most diverse derivatives marketplace, CME Group ( www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex ® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk. CME Clearing Europe ( www.cmeclearingeurope.com), a wholly owned subsidiary of CME Group, has been established in London with the aim of offering services as a multi-product clearing house focused on non-US customers. CME Clearing Europe provides world class clearing for a broad base of customers and extends CME Group's clearing services, and will ensure stability and increase transparency in the markets cleared, helping to reduce and contain systemic risk. CME Clearing Europe Limited was approved as a Recognised Clearing House (RCH) by the Financial Services Authority (FSA) of the United Kingdom in December 2010. CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. KCBOT, KCBT and Kansas City Board of Trade are trademarks of The Board of Trade of Kansas City, Missouri, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com. CME-G