ABN AMRO in clearing contract for Van Breda bank 23 July 2014Antwerp Reporter: Catherine Van de Stouwe
Image: Shutterstock
Bank J. Van Breda & C° has chosen ABN AMRO Clearing as its general clearing counterparty for over-the-counter (OTC) derivatives transactions.
The OTC transactions will include interest rate swaps (IRS) ahead of the new European Market Infrastructure Regulation obligations requiring centralised clearing of these transactions.
Peter Devlies, CFO and member of the board at Bank J. Van Breda & C°, said: “We always aim to be at the forefront when new regulation needs to be implemented.”
“This pro-active adoption of central clearing for IRS contracts is a testimony of our ambition to always have solutions in place well in time, such that we are properly compliant as of when rules become mandatory.”
Geert Vanderbeke, executive director of ABN AMRO Clearing, said: “It is meaningful that a bank with the standing of Bank J. Van Breda & C° has selected ABN AMRO Clearing to help fulfil its regulatory obligations.”
“We are very pleased and look forward to welcoming a dynamic and well established partner as our client.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 