Skip to main content

New York Portfolio Clearing, LLC (NYPC), the clearing platform for interest rate futures, announced in August that its Board has approved three additional clearing members.

Since NYPC began operations in March, it has cleared more than 8 million contracts. To date it has more than 800,000 contracts in total open interest, garnering 7% of the open interest marketshare for Eurodollar futures.

A joint venture of DTCC and NYSE Euronext, NYSE was created to deliver capital efficiencies to the market by evaluating and margining a clearing member's risk on a portfolio basis across related cash fixed income and derivative positions.

Growing roster

NYPC's new member firms are:

  • ABN Amro Clearing Chicago, LLC
  • Citigroup Global Markets Inc.
  • Merrill, Lynch, Pierce, Fenner & Smith, Inc.

Citi immediately announced it had cleared trades through NYPC executed on NYSE Liffe U.S. for BlackRock, a leading asset management, risk management and advisory services firm managing more than $3.6 trillion for institutional and retail clients worldwide.

Jerome Kemp, Citi's global head of Exchange Traded Derivatives Sales and Clearing, said, "Citi is strategically focused on providing our clients with comprehensive and agnostic connectivity to viable ETD and OTC central clearing houses throughout the world. Clearing trades on NYPC supports this strategic vision, and we recognize and appreciate the focus on capital efficiency with this solution."

The addition of the three clearing firms brings the number of NYPC's member firms to 13, with several other firms in the process of becoming clearing members, subject to NYPC board approval.@