Recent financial reform has mandated most derivatives between financial institutions be cleared through a clearinghouse. By joining CME’s central clearing services for interest rate derivatives, the bank will meed this mandate and as well as satisfies its G14 industry commitments.
Wells Fargo Securities head of technology, operations and compliance Paul Rettig said that selecting the CME as the OTC interest rate derivative clearing solution will allow Wells Fargo to reduce risk in the financial sector while meeting its regulatory obligations.
