Wells Fargo & Co., which has been working with the Federal Reserve to reduce risk in the derivatives trading industry, announced it will clear over-the-counter interest rate swaps through CME Group.
The firm said it made the move in order to get in compliance with the Dodd-Frank bill's requirement that derivatives trades go through central clearing.
"Selecting CME as our OTC interest rate derivative clearing solution will allow Wells Fargo to reduce risk in the financial sector while meeting its regulatory obligations," Paul Rettig, Wells Fargo Securities' head of technology, operations and compliance said in a statement. As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio