Commerzbank to use OpenGamma margining service 15 March 2016London Reporter: Mark Dugdale
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Commerzbank is first sell-side client to sign up to OpenGamma’s new margining service ahead of the obligation to clear over-the-counter derivatives under the European Market Infrastructure Regulation (EMIR).
OpenGamma’s new hosted service, launched in January, provides access to margin analysis with no overhead required for data integration or local software deployment.
The service also enables clients to compare over-the-counter and exchange-traded derivative margin requirements across LCH.Clearnet, CME Group and Eurex.
Commerzbank signed up to the service so that the bank could focus on its over-the-counter clearing strengths, according to Nick Chaudhry, safe in the knowledge that clients would still be receiving vital margin analysis coverage.
Chaudhry, who is head of over-the-counter clearing at Commerzbank Corporates & Markets, explained: “The trend towards pre-trade margin comparison requests is marked and the partnership with OpenGamma provides our clients with access to a cost-effective market-leading analytics service.”
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