NEW YORK--(BUSINESS WIRE)--Goldman Sachs (NYSE: GS) and BlackRock, Inc. (NYSE: BLK) today announced the completion of a CDX investment-grade index trade that was executed electronically and centrally cleared. This CDS trade is significant in that it demonstrates end-to-end integration across swap execution, affirmation and clearing.
The transaction between Goldman Sachs and BlackRock was executed via the Tradeweb platform and centrally cleared through CME Group, with Goldman Sachs as the clearing agent. The trade successfully demonstrated full end-to-end connectivity across swap execution and a central counterparty (CCP), which will be essential in order to facilitate successful implementation of several key goals of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“This trade is another milestone toward helping our clients prepare for implementation of Dodd Frank requirements,” said Jack McCabe Co-Head of Futures and Derivative Clearing Services (DCS) at Goldman Sachs. “Goldman Sachs is pleased to provide market leading execution and clearing services to our clients.”
The coordination among BlackRock and Goldman Sachs’ credit trading franchise and DCS businesses demonstrates the continued commitment by Goldman Sachs to assist industry participants in compliance with Dodd Frank regulation.
“BlackRock is fully supportive of central clearing and these trades are an important step forward in offering clients a viable clearing solution,” commented Supurna VedBrat, Managing Director and co-head of the market structure and electronic trading team at BlackRock.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About BlackRock
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2011, BlackRock's AUM was $3.648 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of March 31, 2011, the firm has approximately 9,300 employees in 26 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.