Brett Paulson, President and Chief Operating Officer of The Clearing Corporation, said approximately 13 million contracts have been cleared through the link thus far in 2006, which represents a growth of over 40% from the same period last year. The Euro-Link was approved by the Commodity Futures Trading Commission (CFTC) in October 2004 and implemented shortly thereafter.
The Global Clearing Link is the first integrated clearing solution of its kind between US and European clearing organizations and provides participants true clearing choice. CCorp clearing participants can gain direct access to CFTC-approved European benchmark derivatives traded at Eurex, consolidate their positions in a single clearing account at CCorp, and utilize a common collateral pool, greatly reducing costs. European products cleared through CCorp also receive segregated treatment and benefit from U.S. rules regarding fiduciary obligations of intermediaries.
âOur clearing participants continue to embrace the concept and use of the Global Clearing Link which increases the efficiency of global derivatives markets. This is evident in the growing volume of trades cleared on the link,â said Paulson. âIn 2007, we anticipate more firms will participate in the Global Clearing Link, thus increasing volume substantially."
Peter Reitz, Member of the Executive Board of Eurex AG, added, âEurex is pleased with the significant growth in clearing link volume. With the Global Clearing Link, Eurex and The Clearing Corporation have been able to realize the vision of offering clearing choice for customers worldwide.â