By joining SwapClear, Wells Fargo will take the total number of SwapClear clearing members to 54.
Wells Fargo head of Interest Rate Derivative Trading Adrian Kayari said interest rate swaps are an integral part of their business and clearing will enable them to mitigate counterparty risk and benefit from operational efficiencies.
"We look forward to leveraging the many facets of SwapClear’s services," Kayari said.
SwapClear CEO Michael Davie said Wells Fargo is a leading US financial services company and SwapClear is delighted they are joining SwapClear.
"We will continue to grow our US presence and deliver to US clients the benefits of a local service with the operational and risk efficiencies of a global offering," Davie said.
