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.