Joint clearing venture for NYSE Euronext and DTCC
NYSE Euronext and the Depository Trust & Clearing Corporation (DTCC) will join forces to clear US fixed-income derivatives.
Initially, NYPC will clear interest rate derivatives traded on NYSE Liffe US, with the ability to add other exchanges in the future. It will use NYSE Euronext's clearing technology - its trade registration system and clearing processing system - which is used by NYSE Liffe in London and Ice Clear Europe. A single default fund covering cash transactions and derivatives will be established. As an additional contribution to "reinforce the safety and soundness" of the fund, NYSE Euronext will put in $50 million.
The new venture will be headed on an interim basis by Dennis Dutterer, former chief executive of Chicago-based firm The Clearing Corporation, where he spent 20 years. He has also served as interim president and chief executive at the Chicago Board of Trade.
See also: Markit and DTCC's OTC services merger could close by end of June
LCH snubs DTCC merger
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