New Eurex OTC platform backed by 10 banks at launch

FRANKFURT Thu Nov 15, 2012 9:38am GMT

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FRANKFURT Nov 15 (Reuters) - Deutsche Boerse said 10 banks, more than previously announced, backed the launch of a new platform for over-the-counter (OTC) interest rate swaps clearing ahead of regulation of the $700 trillion derivatives industry.

Deutsche Boerse unit Eurex Clearing said on Thursday the banks included Barclays, Citigroup, Credit Suisse , Deutsche Bank and J.P. Morgan, as expected.

In addition, it won Commerzbank, HSBC, Royal Bank of Scotland, UBS and Basler Kantonalbank.

Morgan Stanley and BNP Paribas, which it said in May would back the new platform, are preparing to join, it said, as are Goldman Sachs, Nomura, NordLB , Societe Generale and unspecified other market participants.