"Our Global Clearing Link with The Clearing Corporation will offer unprecedented opportunities for customers on both sides of the Atlantic. It will unite the U.S. and European trading spheres in a harmonized clearing environment," said Rudolf Ferscha, CEO of Eurex.
Following consultation with both customers and regulators, CCorp and Eurex Clearing will launch the Global Clearing Link on March 28, 2004. This will permit the introduction of the link in a phased implementation after the launch of Eurex US on February 1 and will reduce the complexity of the rollout. This will also provide both clearing organizations and their respective regulators, customers and service providers an opportunity for further consultation and to address issues of mutual interest, benefiting the market as a whole. CCorp and Eurex Clearing will continue discussions with their respective U.S. and European regulators regarding the Global Clearing Link.
With the launch of Eurex US, CCorp will provide clearing services for USD- denominated products. The Global Clearing Link will then be implemented on March 28, providing additional functionality: CCorp participants will be able to carry at CCorp Euro-denominated products executed on Eurex and Eurex Clearing customers will be able to carry at Eurex Clearing USD-denominated products executed on Eurex US. Beginning September 12, 2004, CCorp will provide clearing services to enable 20-hour trading of Euro-denominated benchmark products, featuring fully harmonized processes for cross margining between CCorp and Eurex Clearing and a single collateral pool.
"The invaluable input of our clearing participants has permitted us to develop the Global Clearing Link with Eurex Clearing AG that will result in significant cost savings to market participants worldwide. Our collaborative efforts with the marketplace will enable us to offer these benefits in a timely fashion, coordinated with the February 1 launch of Eurex US," said Dennis Dutterer, President and CEO of The Clearing Corporation.
