BayernLB Starts Clearing OTC Interest Rate Swaps with SwapClear

BayernLB Starts Clearing OTC Interest Rate Swaps with SwapClear PR Newswire MUNICH, July 31, 2012 MUNICH, July 31, 2012 /PRNewswire/ -- BayernLB announced today that it has become a member of LCH.Clearnet Limited's market-leading SwapClear interest rate swap clearing service. The move strengthens the position of the bank by providing a broader range of clearing services to its clients ahead of the introduction of the European Market Infrastructure Regulation (EMIR) on over-the-counter derivatives clearing. Being a member of SwapClear will also enable BayernLB to better manage its risk and deploy capital more efficiently, and meet the emerging global regulatory standards. BayernLB is the leading Bavarian commercial bank for large and middle-market corporate customers in Germany and Europe and also for retail customers. It is a member of the Sparkassen-Finanzgruppe in Bavaria and is a high- performance regional bank with a focus on European and international expertise. "Not only does SwapClear membership provide an effective way to meet the upcoming clearing regulations, but it opens up access to a deep pool of global liquidity. The operational and capital efficiencies that the SwapClear service provides will play an important role in helping us better service the needs of our customers throughout the region," said Oliver Dressler, head of BayernLB's Treasury Products.