The founding members are BofA Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank Securities, Goldman Sachs, JP Morgan, Morgan Stanley, Nomura, and UBS.
The service was launched in October last year and has cleared just under $1bn in gross notional value to date, and has 12 clearing members (including the 10 founding members).
Additionally, the service is supported by a client advisory board comprised of several buy-side market participants, including BlackRock, Citadel, Fannie Mae, Freddie Mac, and PIMCO.
CME Group CEO Craig Donohue said working with a leading group of swaps dealers and customers, CME has developed a solution that provides counterparty risk reduction and transparency of CME Clearing while preserving the prevailing execution processes, technology platforms, and economic structures used in the bilateral IRS market today.
