Eurex Clearing clears first €STR swap trades

Eurex Clearing has cleared its first €STR swap trades

First Published by e-Forex News: November, 2019

Matthias Graulich
Matthias Graulich

Eurex Clearing has cleared its first €STR swap trades. The clearing of these euro-denominated swaps is an important milestone in both the establishment of €STR as the new benchmark risk-free rate, and in expanding Eurex’s EUR-denominated product offering. The switch from EONIA to €STR, the new euro short-term rate, forms part of broader IBOR reform. The ECB began officially publishing €STR on 2 October 2019. Eurex Clearing supports these regulatory efforts to gain control over systemic market components such as overnight reference rates. Matthias Graulich, member of the Eurex Clearing executive board, adds: “We are delighted to have now cleared the first €STR swaps in Frankfurt. As €STR is maintained by the ECB, its establishment represents an important part of strengthening regulatory control within the EU27.”