When the GMEX Exchange opens on Friday, Bank of America Merrill Lynch will be a part of the launch.
The big broker will be delivering client execution and clearing services for the new interest rate swap futures contract offered on the bourse.
The new product will be GMEX’s pioneering Interest Rate Swap Constant Maturity Futures (“IRS CMF”) contracts, backed by Eurex, which bring the benefits of futures trading closer to OTC products, while delivering the efficiencies of centralized order execution, standardized central clearing and hedging of interest rate exposure.
“We are pleased to be extending our range of products to include the IRS CMF from GMEX Exchange,” said Brooks Stevens, managing director, European head of Futures & Options, OTC Clearing and Foreign Exchange Prime Brokerage at Bank of America Merrill Lynch. “The contract provides additional choice to clients that are looking for alternatives to standardized exchange-traded derivatives and OTC products.”
Bank of America Merrill Lynch will provide clearing, execution and settlement services for the IRS CMF contract in the same way as their other Eurex derivatives contracts, acting as a General Clearing Member through its membership of Eurex Clearing.
Global Markets Exchange Group Limited (GMEX) is authorized and regulated by the UK Financial Conduct Authority (FCA) to operate GMEX Exchange.