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CME Group, the world's leading and most diverse derivatives marketplace, today announced its first cleared trades in Colombian Peso (COP) and Chilean Peso (CLP) Rate Swaps. CME began offering clearing on COP, CLP and Chinese Yuan (CNY) on Monday May 21.
"With the success of our non-deliverable swap clearing in Brazilian Real, Indian Rupee, and Korean Won, we are excited to launch these three additional currencies of non-deliverable swaps based on strong client demand," said Sean Tully, Senior Managing Director of Financial and OTC Products for CME Group. "Our market-leading 24 interest rate swap currencies available for clearing offer our global customers the greatest possible margin and capital efficiencies, while furthering our lead in emerging market swaps clearing."
"As marketplace demand for clearing continues to increase, Citi is pleased to be one of the first banks to trade Chilean Peso and Colombian Peso Swaps clearing at CME," said Rodrigo Couto, Managing Director, Citi. "As costs of the uncleared swap markets continue to increase, there is more need to have a cleared solution to maintain maximum liquidity and balance sheet utilization in Emerging Market portfolios."
"Standard Chartered is excited to be a market leader in clearing Chilean and Colombian Peso Swaps at CME, and fully service our clients' broad spectrum of Rates and FX needs," said Jens Andersen, Co-Head of Financial Markets and Head of FXRC Trading, Americas, Standard Chartered. "As global margin rules continue to be implemented, a solution that maintains efficient liquidity and maximizes capital utilization in the market is vital to facilitate trade flows. We are pleased to partner with CME and support our clients with consistent liquidity in the Emerging Markets."
The launch of these new currencies represents CME Group's efforts to expand its cleared OTC IRS offerings based on client demand, and allows for global market participants to access liquidity and participate in clearing in all regions. Most recently, CME launched clearing for Indian Rupee (INR) and Korean Won (KRW) swaps, which have more than 40 market participants who have cleared more than $80 billion since launching in July 2017.
CLP, COP and CNY interest rate swaps are all non-deliverable, allowing CME Group to offer customers more convenient, innovative settlement procedures.
For more information on CLP, COP or CNY IRS clearing at CME Group, please visit http://www.cmegroup.com/trading/otc/clearing-chilean-peso-colombian-peso-chinese-yuan.html
