Business & Finance
Thu, February 3, 2011Wed, February 2, 2011Tue, February 1, 2011Mon, January 31, 2011Sun, January 30, 2011Sat, January 29, 2011Fri, January 28, 2011Thu, January 27, 2011Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011Wells Fargo Securities Joins CME Group for Clearing of OTC Interest Rate Derivatives
Published in Business and Finance on Monday, January 31st 2011 at 5:35 GMT by Market Wire
CHARLOTTE, N.C.--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE:WFC) - one of the G14 members working with the Federal Reserve to reduce risk in the derivatives industry - today announced its subsidiary Wells Fargo Securities, LLC has joined the CME Group, the worlda™s leading and most diverse derivatives exchange and clearing house, for clearing of over-the-counter interest rate derivatives.
"Selecting the 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"
Recent financial reform has mandated most derivatives between financial institutions be cleared through a clearinghouse. By utilizing CMEa™s central clearing services for interest rate derivatives, Wells Fargo will fulfill this mandate, satisfy its G14 industry commitments and better serve its customersa™ clearing needs.
aSelecting the 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,a said Paul Rettig, head of Technology, Operations and Compliance for Wells Fargo Securities.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortunea™s 2009 rankings of Americaa™s largest corporations. Wells Fargoa™s vision is to satisfy all our customersa™ financial needs and help them succeed financially.
Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member FINRA and SIPC, and Wells Fargo Bank, National Association.
For questions related to Wells Fargo Securities OTC clearing services you may contact the following:
| Jeff G. Gore | Dan Thomas | |||
| 704-715-0528 | 704-374-2103 | |||
About CME Group
As the worlda™s leading and most diverse derivatives marketplace, CME Group ([ www.cmegroup.com ]) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
