NEW YORK--(BUSINESS WIRE)--New York Portfolio Clearing, LLC (NYPC), the innovative new clearing platform for interest rate futures, announced today that its board has approved three additional clearing members. The new members are:
- ABN Amro Clearing Chicago, LLC
- Citigroup Global Markets Inc.
- Merrill, Lynch, Pierce, Fenner & Smith, Inc.
The addition of the new clearing firms brings the number of NYPC’s member firms to thirteen. Several additional firms are in the process of becoming clearing members, subject to NYPC board approval.
“We are excited to announce the expansion of our clearing member community with the approval of these influential firms,” said Walt Lukken, Chief Executive Officer of NYPC. “Their participation represents further market validation of the importance of the ‘one-pot’ capital efficiencies that NYPC offers, particularly in today’s market and regulatory environment.”
As a first-of-its-kind joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext (NYX), NYPC was created to deliver unique capital efficiencies to the market by evaluating and margining a clearing member’s risk on a portfolio basis across related cash fixed income and derivative positions. After nearly two years of regulatory review, NYPC began clearing products on March 21, 2011 and has already cleared more than 8 million contracts in less than five months of operations. To date NYPC has over 800,000 contracts in total open interest, garnering 7 percent of the open interest market-share for Eurodollar futures.
Lukken added: “Today’s announcement follows the successful completion of our first physical delivery of contracts—totaling $1.275 billion notional—through our ‘locked in’ delivery mechanism last month. With our new clearing members on board, we look forward to the next stage of development as a world class provider of clearing services to global market participants.”
For more information and a complete list of approved NYPC clearing members, please visit our website: www.nypclear.com.
----------------------------------------------------------------------
About NYPC
New York Portfolio Clearing, LLC (NYPC) is registered as a U.S. Derivatives Clearing Organization with the Commodity Futures Trading Commission. NYPC clears interest rate products and supports the cross-margining of fixed income cash products cleared by Depository Trust & Clearing Corporation’s Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a "single pot". For more information, please visit: www.nypclear.com.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$36.5 trillion. In 2010, DTCC settled nearly US$1.66 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, please visit www.dtcc.com.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company’s exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets—the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca—represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com.