Bank of America Merrill Lynch joins GMEX Exchange 05 August 2015London Reporter: Stephanie Palmer
Image: Shutterstock
Bank of America Merrill Lynch has announced that it will be a participant of GMEX exchange when it launches on 7 August.
The bank will offer execution and clearing services for GMEX products to its client base, starting with GMEX’s Interest Rate Swap Constant Maturity Futures (IRS CMF) contracts.
Participation intends to bring some of the benefits of futures trading to over-the-counter (OTC) products, and also means additional efficiency of centralised order execution, standardised central clearing, execution and hedging of interest rate exposure.
Bank of America Merrill Lynch will offer these services for the IRS CMF contracts as it does for other Eurex derivatives contracts, and will act as a general clearing member through its existing Eurex Clearing membership.
Brooks Stevens, managing director and European head of futures and options, OTC clearing and foreign exchange prime brokerage at Bank of America Merrill Lynch, said: "We are pleased to be extending our range of products to include the IRS CMF from GMEX Exchange. The contract provides additional choice to clients that are looking for alternatives to standardised exchange-traded derivatives and OTC products.”
Hirander Misra, CEO and co-founder of GMEX Group, said: “With the client distribution Bank of America Merrill Lynch brings, we continue to build momentum for our launch and look forward to bringing our IRS CMF to a wide range of buy side firms, banks and futures trading houses.”
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 