CME Cleared USD Interest Rate Swaps

Product Overview

CME Cleared U.S. dollar-denominated Interest Rate Swaps (USD IRS) are forward starting IMM dated OTC swaps, with maturities ranging from three months to 10 years in 3-month increments. The USD IRS are quoted in terms of rate, and like futures, are marked to market daily with the coupons reset daily to match the settlement rate. CME Clearing is the counterparty to every USD IRS trade via CME Clearing360, its OTC clearing solution.

CME Cleared Swaps are the first centrally-cleared over-the-counter interest rate swap, offering market participants the balance sheet and operational efficiencies of futures, combined with the financial safeguards of CME Clearing. CME Cleared Swaps deliver post-trade and balance sheet efficiencies by providing automatic netting, immediate trade confirmation, and a guaranteed central counterparty, removing the need for ISDA documentation and virtually eliminating counterparty risk.

Other CME Cleared Swap products include:

CME Cleared Swaps transactions may be submitted to CME Clearing either through CME Group’s web-based Front-End Clearing System or using the sPro™ trading platform of Swapstream, a subsidiary of CME Group.

Benefits of CME Cleared Swaps:

No ISDA documentation required
No swap confirmation required
No bilateral collateral
Automatic nettings of positions
Central counterparty clearing
Increased availability of valuable counterparty credit lines
Minimized financial risks with daily mark-to-market
Security of CME Group Financial Safeguards system
Streamlined processing and allocations

CME Cleared Interest Rate Swaps Contract Specifications

For more information please contact:

In North America:
Steve Dayon 312-466-4447
Ron Peterson 212-897-5285
Pete Barker 312-930-8554
Elizabeth Flores 312-338-2801

In Europe:
Robert Hammond 44-207-796-7100
Jeremy Solle 44 207-796-7209
Andrew Moreton 44 207-796-7214
Kim Short 44 207-796-7213
Paul Skipp 44 207-796-7219