BNP Paribas Securities Corp.has joined CME Group to clear credit default swaps, futures and over-the-counter (OTC) interest rate swaps.
BNP Paribas Securities is BNP Paribas Corporate and Investment Banking's U.S. registered broker dealer.
As a CME clearing member for CDS, BNP Paribas Securities Corp. will be better positioned to fulfill regulatory mandates that require credit derivatives between financial institutions be cleared through a clearinghouse.
The clearing solution will also enable BNP Paribas' global clients to comply with the mandatory client clearing requirements of the Dodd-Frank Act.
"BNP Paribas Securities Corp. supports the current regulatory initiatives and joins CME Group for the clearing of CDS to address our client clearing needs," said Kip Testwuide, co-head of fixed income, Americas.