Press

Eurex Clearing AG today announced that the Global Clearing Link has started operations: R.J. O'Brien and Associates, a privately owned futures commission merchant, is now clearing business executed on Eurex through The Clearing Corporation (CCorp). R.J. O'Brien has simultaneously become a Eurex member. The Global Clearing Link, once fully implemented, will increase the efficiency of cross-border clearing by allowing customers to use just one clearing organization for trades executed on either Eurex or Eurex US. This will result in cost reductions for customers through collateral pooling and margin offsets between USD- and EUR-denominated products. Phase one of the Global Clearing Link facilitates access to Eurex, providing customers in the U.S. with additional business opportunities.

"We are particularly pleased that the first clearing participant to use the Global Clearing Link is a company that has simultaneously joined Eurex as a new member," said Rudolf Ferscha, Chief Executive Officer of Eurex. "The Global Clearing Link brings extensive business opportunities to the U.S by providing the U.S. clearing community with direct access to European trading. In becoming a Eurex member and clearing trades via the Global Clearing Link, R.J. O'Brien is embracing these opportunities."

"Connecting the U.S. and European derivative markets with a choice of clearing is the fundamental concept of the Global Clearing Link. R.J. O'Brien is the first CCorp participant to realize these immediate benefits through their existing relationship with us," said Dennis Dutterer, President and CEO of CCorp. "We continue to work with our other clearing participant firms as they prepare to use the Link".

"We think this clearing link is the most efficient way for an independent company like RJO to have access to the Eurex markets without investing significantly in trading and clearing infrastructure on the European continent," said Gerald Corcoran, Chief Executive Officer, R.J. O'Brien and Associates. "We are delighted to be one of the first firms to participate in the Global Clearing Link."

Phase One of the Global Clearing Link brings immediate benefits to customers in the form of cost reductions through lower clearing fees and higher capital efficiencies, as well as clearing access to European trading within the U.S. regulatory framework. The Global Clearing Link allows more efficient use of capital through portfolio margining and the use of one common collateral pool for EUR and USD products.