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UBS Begins Clearing Interest Rate Swap Trades Through CME
UBS Investment Bank announced today that it has begun clearing interest rate swap trades through CME Clearing, the recently launched interest rate swap clearing platform at CME Group.
This is an important evolutionary step for the interest rate swap market, and represents our continued commitment to reducing systemic risk in the market, said Chris Murphy, Global Head of Interest Rate Derivatives. This is a natural extension for UBS given our footprint in derivatives trading and central clearing, and offers an opportunity to leverage our existing world class clearing business to achieve connectivity.
The central clearing of interest rate swaps preserves key aspects of the OTC market while reducing counterparty risk inherent in such transactions.
UBS continues to partner with other global clearing houses as part of a firm-wide commitment to these significant changes in market structure. The central clearing of interest rate swaps complements our existing connectivity of futures on CME, credit default swaps on ICE Trust and ICE Clear, credit default swaps on CME, and interest rate swaps on LCH.Clearnet.
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions and manage CHF 2.2 trillion in invested assets.
UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
Kelly Smith of UBS at
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