LONDON, November 20, 2020
Sernova Financial (Sernova), an innovative provider of post-trade derivative solutions, announces that it has partnered with Commerzbank AG, a leading international commercial bank domiciled in Germany. Commerzbank will use Sernova’s derivative clearing services to expand its access to OTC derivatives clearing across multiple CCPs and asset classes. Project Lead Jochen Litzinger, Head of Business Experts IRCCT at Commerzbank illustrates: “Sernova’s extensive clearing solutions will enable Commerzbank to add differentiating services for our clients while also helping to increase capital and funding efficiency.” With more products and clearing houses being launched for OTC markets, banks need to find solutions to allow them to respond quickly and efficiently. Partnering with Sernova gives Commerzbank access to market leading domain expertise, reduces time to market and supports client clearing growth. By leveraging Sernova’s services, Commerzbank will benefit from increased agility when connecting to clearing houses and enhance scalability in offering client clearing services.
Venkatesh Ramasamy, Chief Executive Officer, Sernova further illustrates “Adding Commerzbank as a client shows Sernova is establishing itself as the market standard for national champion banks. With Commerzbank being the second bank in the EU27 to partner up with Sernova, Ulf Bacher, Chief Sales Officer, Sernova concludes “Sernova is delighted to have its first German client and is dedicated to providing global solutions to help its clients manage an uncertain clearing landscape.
About Sernova Financial
Sernova Financial is an innovative provider of cloud based post-trade financial markets services with a focus on clearing but that also extends into collateral and integrated risk management. Sernova Financial’s solutions lower the barriers to entry for clearing by recreating the shared infrastructure and service elements of traditional clearing brokers. The single platform that supports the full front-to-back management of derivatives and collateral enables clients to benefit from Sernova’s integrated capabilities when becoming a CCP clearing member, reduces operational risk, lowers costs, enables opportunities for capital and liquidity efficiency, all within a well-controlled operational environment.
About Commerzbank
Commerzbank is a leading international commercial bank with branches and offices in nearly 50 countries. The Bank’s two business segments – Private and Small-Business Customers and Corporate Clients – offer a comprehensive portfolio of financial services precisely tailored to their customers’ needs. Commerzbank transacts approximately 30% of Germany’s foreign trade and is the market leader in German corporate banking. The Bank offers its sector expertise to its corporate clients in Germany and abroad and is a leading provider of capital market products. Its subsidiaries, Comdirect in Germany and mBank in Poland, are two innovative online banks. With approximately 800 branches going forward, Commerzbank has one of the densest branch networks in Germany. The Bank serves more than 11 million private and small-business customers nationwide and over 70,000 corporate clients, multinationals, financial service providers, and institutional clients worldwide. Its Polish subsidiary mBank S.A. has around 5.7 million private and corporate customers, predominantly in Poland, but also in the Czech Republic and Slovakia. In 2019, Commerzbank generated gross revenues of €8.6 billion with approximately 48,500 employees.
Contact
info@sernovafinancial.com
+44 (0)203-813-3101