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Eurex Credit Clear Clears First Single Name CDS Worldwide


Eurex Credit Clear improves market safety and integrity for OTC derivatives

Eurex Clearing announced today that Eurex Credit Clear as the first central counterparty (CCP) in the world successfully cleared a single name credit default swap (CDS). The cleared transaction had a notional value of 5 million, the single name CDS is based on RWE.

Eurex Credit Clear started production on 27 July 2009 in line with the timeframe committed by major market participants to use a European CCP for clearing of European index and single name CDS by 31 July 2009. Eurex Clearing is the first and only CCP worldwide to offer clearing of single name CDS.

Eurex Clearing has a unique service offering as it operates the only CCP worldwide for both index and single name CDS. Eurex Credit Clear has also been offering access for both sell-side and buy-side market participants in Europe from day one. Further advantages of Eurex Credit Clear are the full STP integration into DTCC Deriv/SERV Trade Warehouse and a state-of-the-art risk management solution specifically designed for CDS.


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