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DekaBank successfully switches swap book to Eurex Clearing

Release date: 07 Nov 2019 | Eurex

DekaBank successfully switches swap book to Eurex Clearing


DekaBank, the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group, has successfully transferred a substantial portion of its swap book from London Clearing House LCH to Frankfurt-based Eurex Clearing in a single day. The complex transaction involving thousands of line items and a dealer bank as transfer agent was carried out without any disruption or market impact.

DekaBank has been an early supporter of Eurex Clearing's initiative to develop a liquid alternative for interest rate derivative clearing within the EU27. To further support clients in migrating positions from London to Frankfurt, Eurex Clearing recently announced a 100 percent discount on booking fees for portfolio switches until end of 2019.

Dmitrij Senko, Member of the Executive Board and Eurex’s Chief Risk Officer: “We are delighted that the switch, with over 7000 individual transactions, went flawlessly in just one day. Demand from EU27 firms considering switching their portfolios is growing, with a number of transfer agents being ready to support these switches.”