NASDAQ OMX (NASDAQ: NDAQ) announces that the total cleared volume of SEK denominated interest rate swaps (IRS) has reached SEK 100 billion, equal to €12 billion, making NASDAQ OMX Clearing the second largest IRS clearing house in Europe. Clearing of SEK IRS was introduced in 2012 and members began submitting interbank trades on April 22, 2013.
“Our progress has been strong with more than 10% of all interbank trades now cleared at NASDAQ OMX Clearing,” said Hans-Ole Jochumsen, Executive Vice President Transaction Services Nordics, NASDAQ OMX. “Our commitment to provide our members with derivatives clearing services that meet their objectives and reporting requirements in the new regulatory environment is gaining traction among the investment community. Thanks to close co-operation with the Nordic banks, we’ve been able to create a service that brings cross-margin benefits and capital efficiency to our members.”
The cross-margin offering provides margin off-set between OTC interest rate derivatives and other cleared interest rate derivatives. NASDAQ OMX Clearing has a total daily average cleared volume of SEK 130 billion, (€15 billion) in Nordic interest rate derivatives.
“This success, coupled with the launch of our interest rate derivatives trading venue in London, NLX, the acquisition of 25% of the Dutch equity options trading venue TOM, the addition of the Norwegian sea freight and fish derivatives clearing house NOS and the launch of our German power initiative during the past 18 months, clearly demonstrates NASDAQ OMX’s strategic commitment to improve the range of cost-effective and efficient opportunities for our customers in the European derivatives market,” said Mr. Jochumsen.
NASDAQ OMX has significantly expanded its European presence over the past twelve months. The Company’s headcount across Europe has expanded to 1,000 people, and revenues from the European operations will now equal approximately €415 million.
With the integration of the Thomson Reuters business, NASDAQ OMX now has approximately 600 employees in the Nordics, 160 in the UK, 125 in the Netherlands, 25 in France and 80 in Germany, as well as offices in Italy, Belgium and Spain.