NEW YORK, April 28, 2010 (GLOBE NEWSWIRE) -- International Derivatives Clearing Group, LLC (IDCG), a majority owned, independently operated subsidiary of The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), today announced that it will be clearing the following over-the-counter (OTC) interest rate derivative products through its clearinghouse:
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US Dollar Interest Rate Swap vs. 1 Month Floating Rate
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US Dollar Forward Start Interest Rate Swap vs. 1 Month Floating Rate
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US Dollar Overnight Index Swap (OIS)
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US Dollar 1 Month Forward Rate Agreement (FRA)
- US Dollar 3 Month Forward Rate Agreement (FRA)
"IDCG is committed to providing a rich suite of clearable OTC derivative products to the marketplace to meet end-user demand," said Garry O'Connor, Chief Executive Officer of IDCG.
The previous new product rollout for IDCG was in November 2009, when the clearinghouse announced the clearing of OTC US Dollar Forward Start Interest Rate Swaps vs. 3 Month floating rate. The clearinghouse has been clearing OTC US Dollar Interest Rate Swaps vs. 3 Month floating rate since it received its CFTC approval in December 2008.
"IDCG has always been committed to following CFTC guidelines and applying stringent risk management procedures and margining. The risk management of these new products will be no different," said Michael Dundon, IDCG's Chief Risk Officer.
Additional information about the new products and contract margining can be found at www.idcg.com.
About the International Derivatives Clearing Group:
The International Derivatives Clearing Group (IDCG) is an independently operated, majority owned subsidiary of The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ). IDCG brings a centrally cleared solution to the largest segment of the OTC derivatives marketplace, specifically interest rate derivative products. It does this through the operation of International Derivatives Clearinghouse (IDCH), a CFTC regulated derivatives clearing organization that currently acts as a central counterparty to interest rate swap futures contracts and expects to do so for other similar interest rate and currency derivatives in the future. IDCH, in conjunction with Razor Risk Technologies, utilizes NASDAQ OMX Click XT matching and NASDAQ OMX SECUR clearing technology to provide an efficient and transparent forum to clear and settle derivative products. For more information about IDCG and IDCH, visit www.idcg.com.