Newedge to offer OTC clearing in Asia
Broker seeks to broaden its Asia offering by adding OTC IRS clearing in Singapore
Following the clearing of an over-the-counter interest rate swap transaction on the Chicago Mercantile Exchange last month, Newedge is looking to expand its interest rate swap (IRS) clearing offering to Asian clients, according to a senior official.
On February 25, the broker announced that it had become the first non-traditional swap dealer to clear an OTC IRS contract on the CME.
Newedge says its expansion into OTC clearing was in response to regulatory changes – principally the Dodd-Frank Act
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