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A-Team Insight Blogs

FFastFill Extends into OTC CCP Markets

FFastFill has announced major developments for its Eclipse product into the OTC central counterparty (CCP) market. This new focus, based on the latest Oracle database platform, builds on existing global exchange traded derivative (ETD) successes and existing OTC functionality within Eclipse.

“OTC clearing is a hot topic for 2010. Since inception Eclipse was designed to process complex multi asset instruments and it delivered the first CCP module a number of years ago. From this base, work continued into a large range of energy and power markets where complex OTC needs were satisfied. During 2009 functionality was extended into a number of OTC CPP venues including the NYSE LIFFE Bclear Service and the Chicago Mercantile Exchange (CME) Clearing venues.”

“Work is already underway to extend this functionality to other major clearing house facilities, including the Nasdaq OMX IDCG (International Derivatives Clearing Group), CME Clearing, IntercontinentalExchange (ICE) Trust and LCH.Clearnet SwapClear. Other initiatives such as the joint NYSE EuroNext and DTCC (The Depositary Trust and Clearing Corporation) NYPC (New York Portfolio Clearing) are being scheduled for later in 2010 with full support from these clearing houses.” said Patrick Thornton-Smith, managing director of post trade processing at FFastFill.

“We are seeing considerable growth opportunities for FFastFill in the OTC CCP space, not just as standalone modules but fully integrated into the existing ETD functionality as central clearing both on and off exchange continues to gain momentum. Brokers and clearers are now assiduously looking for OTC clearing services for both credit risk and compliance reasons and the advantage of the FFastFill offer is that it can be easily integrated with their exchange-traded activity.”

“As a fast to develop and easily deployed ASP solution Eclipse is positioned to satisfy not just the banking participants but increasingly for the ‘buy side’ users. We are in discussions with a number of hedge funds, money managers, custodians and other end users who need a solution to satisfy both the operational and regulatory demands of the OTC CCP arena. The combination of exchange-traded and OTC CCP instruments with consequential cross margining will make Eclipse the leading choice during 2010 and beyond,” concludes Thornton-Smith.

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