The clearing house LCH has just announced that the investment bank of Intesa Sanpaolo Group, Banca IMI, has joined its CDSClear service.
Banca IMI will now have access to clearing of credit derivatives referencing both Single Names and Indices, and is the first Italian member to join the clearing service.
Banca IMI is already a member of LCH SA’s EquityClear and RepoClear clearing services, but from now on it will also benefit from CDSClear’s extensive product offering: the broadest of any CCP clearing credit derivatives.
Frank Soussan
Frank Soussan, Global Head of CDSClear, commented:
I’m delighted to welcome Banca IMI as CDSClear’s first Italian clearing member, marking an important stage in our growth. During 2018, we significantly grew our client clearing business in Europe, as well as processing record volumes of cleared notional, and we look forward to continuing to extend our clearing membership and activity during the course of 2019.
Massimo Mocio, General Manager of Banca IMI, said:
Joining CDSClear means that Banca IMI and our clients can benefit from LCH’s robust risk management across a wide range of credit derivatives. Clearing enables us to mitigate counterparty risk as well as benefit from the capital and operational efficiencies associated with clearing.