CME Group has signed up a group of 10 global swap dealers as founding members for its clearing service for over-the-counter (OTC) interest-rate swaps. The founding members are BofA Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank Securities, Goldman Sachs, JP Morgan, Morgan Stanley, Nomura and UBS.

The service, which was launched on Oct. 18, 2010, has cleared just under $1 billion in gross notional value to date and has 12 clearing members. The service is also backed by a client advisory board comprised of several buy-side market participants, including BlackRock, Citadel, Fannie Mae, Freddie Mac and PIMCO.

Click here for the release from CME.