RFP News

Published on Sep 23, 2010

Bank of America Merrill Lynch (“BofA Merrill”) announces the formation of the Global Futures and Derivatives Clearing Services (GFDCS) group. This global initiative is in anticipation of the substantial growth in OTC derivatives clearing and the tremendous demand for education and related services from the company’s institutional investor and corporate clients.

GFDCS builds off the company’s highly rated Futures business – known for its excellence in clearing services and access to more exchanges than any other broker – to provide agent-clearing services for rates, currencies, credit, equities and commodities derivatives. The GFDCS group will operate as part of BofA Merrill’s industry-leading Global Markets Financing and Futures platform (GMFF), which includes prime brokerage and services.

Bob Burke and Gonzalo Chocano have been named co-heads of the GFDCS group, reporting to Denis Manelski and Syl Chackman, co-heads of GMFF.

“Establishing an industry-leading derivatives clearing service is a top priority for our Global Markets business. Every client we serve will be impacted by the financial reforms transforming the OTC derivatives market,” said Tom Montag, president of Global Banking and Markets. “We are committing considerable resources to all areas of the business to ensure our client clearing services are best-in-class.”

The launch of BofA Merrill’s GFDCS platform follows a yearlong planning effort, including feedback from more than 3,000 clients who have attended educational seminars and one-on-one briefings.

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