CME Clearing Europe
|CME Clearing Europe|
|Products||Clearing house for OTC commodity and financial derivatives|
CME Clearing Europe was launched in May 2011. The London-based clearing house, a wholly-owned subsidiary of CME Group, clears more than 200 OTC products and runs on the same clearing, settlement and risk management systems used at CME Clearing. The clearing house handles OTC contracts including: energy, agriculture, freight and precious metals as well as OTC financial derivatives. The move to launch CME Clearing Europe stemmed largely from the European Market Infrastructure Regulation (EMIR) which will force mandatory clearing of OTC trades.
On August 4, 2014, CME Group announced that CME Clearing Europe had received authorization as a Central Counterparty Clearing House (CCP) under the EMIR. The authorization covers all OTC derivatives and futures products currently cleared by CME Clearing Europe.
The CCP authorization follows the announcement that CME Clearing Europe became the first central counterparty globally to offer the full segregation client protection model with enhanced protection for all bankruptcy scenarios. The full segregation model expands client asset protection beyond EMIR requirements.
CME Clearing Europe is supervised by the Bank of England, under EMIR rules.
Products and Services
CME Clearing Europe clears more than 200 different OTC contracts in the agriculture, energy, freight, metals and financial derivatives. In March 2013, it began offering clearing on interest rate swaps, marking its foray into financial derivatives in Europe, a move that includes many of the top banks in the space. For a full list of OTC products cleared, click HERE.
Clearing Member Firms
Here are the clearing member firms listed as of February 2013:
ADM Investor ServicesInternational Limited
BNP Paribas Commodity Futures Limited
Citigroup Global Markets Limited
Credit Suisse Securities (Europe) Limited
Deutsche Bank AG - London Branch
Goldman Sachs International
HSBC Bank plc
INTL FCStone (Europe) Limited
Jefferies Bache Limited
Newedge UK Financial Limited
Royal Bank of Canada
Royal Bank of Scotland PLC
State Street Bank GmbH
Otto E. Nägeli, Independent Director, Chairman
Lee Betsill, CEO
Bruce Armstrong, Independent Director, Audit Committee Chairman
Hugh Simpson, Independent Director, Risk Committee Chairman
William Knottenbelt, Non-Executive Director, CME Group
Kim Taylor, Non-Executive Director, CME Group
James Oliff, Non-Executive Director, CME Group
- CME Clearing Europe Expands its Metals Offering with Two Iron Ore Contracts. CME Group.
- European Clearing for OTC Commodity and Financial Derivatives. CME Group.
- CME Clearing Europe Receives EMIR authorisation. CME Group.
- Active Participants in European OTC Commodity and Financial Derivative Markets. CME Clearing Europe.