Media noting the news include news site The Trade.

“With the Eurex Partnership Program we have built a liquid OTC clearing alternative in the EU27 together with international market participants,” says Matthias Graulich, a member of the executive board at Eurex Clearing.

“The switch incentive program is an important step to help clients migrate positions into the EU27.”

Big banks enrolled

According to The Trade, Eurex got its partnership program for interest rates derivatives clearing going in 2018, to offer its most active participants with a profit share. JP Morgan, HSBC, UBS, Citigroup and Morgan Stanley, are said to have been among the first to sign up.