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THE CLEARING
CORPORATION
CLEARS MORE THAN 23 MILLION DERIVATIVES CONTRACTS
ON THE GLOBAL CLEARING LINK
Chicago, December
19, 2006 –The Global Clearing Link established by The
Clearing
Corporation (CCorp), the world’s only independent derivatives
clearinghouse, and Eurex Clearing AG, the world’s largest
derivatives exchange, has processed and cleared more than 23 million
contracts during its first two years, CCorp announced today.
Brett Paulson, President and Chief Operating Officer of The Clearing
Corporation, said approximately 13 million contracts have been cleared
through the link thus far in 2006, which represents a growth of over
40% from the same period last year. The Euro-Link was approved by the
Commodity Futures Trading Commission (CFTC) in October 2004 and
implemented shortly thereafter.
The Global Clearing Link is the first integrated clearing solution of
its kind between US and European clearing organizations and provides
participants true clearing choice. CCorp clearing
participants
can gain direct access to CFTC-approved European benchmark derivatives
traded at Eurex, consolidate their positions in a single clearing
account at CCorp, and utilize a common collateral pool, greatly
reducing costs. European products cleared through CCorp also receive
segregated treatment and benefit from U.S. rules regarding fiduciary
obligations of intermediaries.
“Our clearing participants continue to embrace the concept
and
use of the Global Clearing Link which increases the efficiency of
global derivatives markets. This is evident in the growing
volume
of trades cleared on the link,” said Paulson.
“In
2007, we anticipate more firms will participate in the Global Clearing
Link, thus increasing volume substantially."
Peter Reitz, Member of the Executive Board of Eurex AG, added
“Eurex is pleased with the significant growth in clearing
link
volume. With the Global Clearing Link, Eurex and The Clearing
Corporation have been able to realize the vision of offering clearing
choice for customers worldwide.”
About
The Clearing Corporation
The Clearing Corporation provides clearing services for global exchange
and over-the-counter (OTC) traded derivatives. As the only independent
derivatives clearinghouse in the world, The Clearing Corporation is
able to provide more innovative and customer-focused OTC and
exchange-traded derivatives clearing services in bringing markets
together. The Clearing Corporation is a stockholder-owned, Delaware
corporation now in its 82nd year of business and serves numerous
clients in a variety of markets. Additional information on The Clearing
Corporation is available at www.clearingcorp.com.
Media
contacts:
CCorp
--Andrew
Yemma, Intermarket Communications
+1-212-754-5450 (andy@intermarket.com)
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