Eurex Credit Clear has become the first central counterparty in the world to successfully clear a single name credit default swap.

Eurex Credit Clear has become the first central counterparty in the world to successfully clear a single name credit default swap.

The cleared transaction had a notional value of EUR5m. The single name CDS is based on RWE.

Eurex Credit Clear started production on 27 July 2009, in line with the timeframe committed by major market participants to use a European CCP for clearing of European index and single name CDS by 31 July 2009.

Eurex Clearing is the first and only CCP worldwide to offer clearing of single name CDS.

Eurex Credit Clear has also been offering access for both sell-side and buy-side market participants in Europe from day one.