• Bank of America is now a member of LCH CDSClear, providing client clearing though its European entities
• Bank of America cleared their first trade with Aegon
• Underlines the continued expansion of LCH CDSClear’s membership and client clearing franchise, as part of its partnership approach
• CDSClear offers the broadest set of cleared products of any credit clearing house

Bank of America is now a member of LCH #CDSClear, providing client clearing though its European entities. For more info on CDSClear, visit our website: https://t.co/GbSJGLVnT8 pic.twitter.com/jr45lQ3dJt

— LCH (@LCH_Clearing) October 7, 2020

Frank Soussan, Global Head of CDSClear, LCH, said:

“I’m delighted to welcome Bank of America as our latest clearing broker, providing CDSClear’s services to its clients. This follows the recent launch of clearing of the iTraxx ESG index and enhancements to our margin framework. The go-live underlines CDSClear’s continued growth and support for member and client clearing.”

Felicia Grumet, Global Head of OTC Clearing, Bank of America, said:

“We’re pleased to have gone live as a clearing broker of LCH CDSClear, providing our clients access to clearing of a wide range of credit derivatives products. The associated cross margining opportunity of clearing a wide range of products at CDSClear offers clients capital opportunities. In addition to operational efficiencies offered by clearing, clients benefit from strong risk management protection.

Source: LCH