AMSTERDAM, May 7, 2015 /PRNewswire/ --
Interbank markets in emerging economies are set to change with the establishment of the Frontier Clearing Corporation B.V., or Frontclear. The company issued its first 15 year notes in April 2015, securing USD 180m in capital from the EBRD, Proparco, KfW, TCX, FSD Africa and Cardano Development.
Frontclear provides counterparty credit risk guarantees on financial institutions and infrastructures in emerging markets, thereby facilitating more competitive access to global repo, derivative and trade finance markets. By credit enhancing bilateral trades supported by local currency collateral, such as cash or government securities, Frontclear builds more inclusive and stable financial markets in developing economies.
"Frontclear is an innovative development finance initiative seeking to bring the G20 global financial reforms to emerging and frontier markets," says Philip Buyskes, CEO of Frontclear. "We facilitate the use of local currency cash and securities as collateral and our partnerships with global and local banks provide access to new markets and new trading partners. The first close has placed us in a strong position to build the business and deliver on our mandate."
Note to editors
About Frontclear: http://www.frontclear.com
About EBRD: http://www.ebrd.com
About Proparco: http://www.proparco.fr
About FSD Africa: http://www.fsdafrica.org
About TCX: http://www.tcxfund.com
About KfW: http://www.kfw.de
About Cardano Development: http://www.cardanodevelopment.com