NEW YORK--(BUSINESS WIRE)--Crédit Agricole Corporate and Investment Bank (CACIB), Crédit Agricole Group’s corporate and investment banking arm, announced today that it has joined the CME as an OTC Derivatives Clearing Member Firm for Interest Rate Swaps.
“This membership will enable us to better serve our institutional clients and provide them with more options, as central clearing is applied to an increasing number of derivatives transactions,” said Dmitri Shuster, head of Rates, Credit & Cross-Asset Derivatives for CACIB in the Americas. “CME Group operates one of the leading and most highly respected derivatives clearing houses, and we are pleased to be associated with it.”
“The move towards increased standardizations of derivatives is the result of recent regulatory changes, including the mandates of the Dodd-Frank Act passed in the U.S. for greater standardization of OTC derivatives. CACIB is now well positioned to continue to provide greater versatility for our clients financial needs, and to do so as a member of one of the world’s leading derivatives marketplace,” added Mr. Shuster.
“CME Group is happy to provide Crédit Agricole CIB with a robust clearing infrastructure making real-time clearing a reality for interest rate swaps,” says Michael O’Connell, CME Group Managing Director of Clearing Solutions. “Our customers value the ability to immediately clear their trades post execution, as this allows them to focus more on managing their portfolios and worry less about operational and credit risk.”
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s sixth largest bank by total assets (The Banker, July 2011). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking.
The Bank provides support to clients in large international markets through its network with a presence in major countries in Europe, America, Asia and the Middle East.
For more information: www.ca-cib.com