NYPC Announces Addition of New Clearing Members

NEW YORK, Sept. 24, 2012 /PRNewswire/ -- New York Portfolio Clearing, LLC (NYPC), a market leader in derivatives clearing, today announced that two new clearing members, J.P. Morgan Securities LLC and BNP Paribas Securities Corp., will join the steadily expanding group of firms enjoying the capital efficiencies generated by NYPC's unique one-pot model.

This follows rapidly on from the launch of NYPC's recent Market Professional Cross-Margining Program and underlines its commitment to expansion and growth.

"NYPC continues to expand, both in terms of its membership and the range of products it offers," said Alexander (Sandy) Broderick, CEO of NYPC.  "The addition of these major financial institutions demonstrates the growing understanding by market players of the effectiveness of our one-pot model."

Broderick added: "The addition of J.P. Morgan and BNP Paribas underscores NYPC's ability to attract influential member firms at a time when there is ever greater pressure to manage assets effectively.  This widening pool of membership adds greater depth to the markets we are clearing.  With the planned expansion of our Single Pot around year end to include futures on the DTCC GCF Repo Index™, followed next year by interest rate swaps cleared by LCH.Clearnet, the potential cross margin benefits for our members will be significant."

"With futures on the DTCC GCF Repo Index™, as well as the potential for cross-margining benefits with its other products, NYPC offers some new opportunities for the future of clearing," added Christian Mundigo, Co- Head of Americas for Fixed Income and Global Head of Rates at BNP Paribas. "We are excited to be joining as a clearing member at this time."

Background: 

In March 2012, NYPC, LCH.Clearnet, DTCC, and NYSE Euronext announced plans to expand the existing combined one-pot cross-margining arrangement to include interest rate swaps cleared by LCH.Clearnet.

A joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext (NYX), NYPC was created to deliver unique 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.  

For more information and a complete list of approved NYPC clearing members, please visit our website: www.nypclear.com.

For more information on how your firm can participate in the Market Professional Cross-Margining Program, please contact NYPC Operations by phone at 212-855-5220 or by email at [email protected].

About NYPC
New York Portfolio Clearing, LLC (NYPC) is registered as a U.S. Derivatives Clearing Organization with the Commodity Futures Trading Commission. NYPC clears interest rate products and supports the cross-margining of fixed income cash products cleared by Depository Trust & Clearing Corporation's Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a single pot. For more information, please visit: www.nypclear.com.

SOURCE New York Portfolio Clearing, LLC (NYPC)