OTC infrastructure service of the year: eClerx
Collateral agreements are the foundation of the over-the-counter market. But, sometimes, those foundations are shaky
The past year has seen a number of large-scale engineering projects in the infrastructure space – the arrival of limit-checking hubs for cleared swaps, for example, or the continuing evolution of swap data repositories. But these new edifices remain largely empty and somewhat untested; in many cases, users remain unenthusiastic. Instead, this year’s award goes to eClerx, an entrepreneurial service that focuses on the bedrock of the bilateral market – the credit support annexes (CSAs) that govern
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