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Deutsche Börse's Eurex Clearing outlines revenue-sharing partnership program

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Deutsche Börse's Eurex Clearing outlines revenue-sharing partnership program

Deutsche Börse AG unit Eurex Clearing AG said it developed a partnership program that will reward its 10 most active participants with a significant share in the economics of its multicurrency interest rate swap offering on a permanent basis, as well as a position in its governance and committee structure.

Banks that have registered early interest to participate in the partnership program include Bank of America Merrill Lynch, Citigroup Inc., Commerzbank AG, Deutsche Bank AG, JPMorgan Chase & Co. and Morgan Stanley, Eurex Clearing said.

The clearing house said the performance-based program, which it designed in close consultation with major participants in the interest rate swap market, is designed to speed up development of a liquid, EU-based alternative for the clearing of interest rate swaps and aims to build a balanced ecosystem where responsibilities and benefits are fully aligned between all participants in terms of economics and governance.

"This market-led initiative will benefit clients and the broader market place through greater choice and competition, improved price transparency as well as reduced concentration risk," Eurex Clearing CEO Eric Müller said.

Registration for the program, which will be open to all clearing members and registered clients of Eurex Clearing, begins Oct. 9. Clients who register during the early registration phase until Nov. 20 will receive an extra reward, Eurex Clearing said.