Natixis has become the first French bank to be a clearing member of Eurex’s securities lending central counterparty (CCP) and has also joined Eurex OTC Clear.
Natixis is the corporate, investment management and financial arm of Groupe BPCE, one of the largest banks in France. It becomes the sixth clearing member of the securities lending CCP, while EUREX OTC Clear now has more than 40 clearing members.
Gregoire Froehlich, a trader for securities lending and borrowing at Natixis, said: “The CCP model for Natixis will not only help manage the rising burden of balance sheet regulation and costs, we believe it will also prompt new stock lending structures and business opportunities with non-standard profile counterparties.”
Nicolas Chauvet, head of derivatives, treasury and foreign exchange operations at Natixis, added: “Going live with EurexOTC Clear is a key milestone in our strategy of offering our clients a large choice of CCPs ahead of the EMIR mandatory clearing roll-out.”
“We are delighted that capital efficiency, cross margining and collateral management mechanisms proposed by Eurex Clearing are now available to both Natixis and its clients.”
Matthias Graulich, chief client officer and member of the Eurex Clearing executive board, said: “We welcome Natixis as early user of our Lending CCP and are very pleased that such an important French financial services provider also uses our OTC clearing service.”
“Natixis and its clients will be able to realise significant operational and capital efficiencies through our unique integrated cross product clearing service. This model allows not only for x-margin benefits, but even more important it allows for the highest collateral efficiency across securities lending, repo and derivatives.”
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