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LCH.Clearnet launches clearing for credit default swaps

LCH.Clearnet launches clearing for credit default swaps


LCH.Clearnet has cleared the first credit default swap index contracts.

Both regulators and market participants have been keen to see clearing for CDS introduced to bring security and transparency to the OTC derivatives markets.

The service, launched in response to this demand, has seen support from clearing members.

The introduction of clearing brings greater protection to the CDS market, enabling market participants to benefit from reduced counterparty risk, straight through processing, post-trade anonymity, and a track record in risk and default management.

Initially, the service covers European indices, with the intention to expand the offering based upon market demand.

Christophe Hémon, chief executive, LCH.Clearnet, says: “This successful launch demonstrates our ability to deliver innovative OTC clearing solutions across LCH.Clearnet Group, the global leader in OTC clearing. The collaboration and the support of market participants have been critical in the development of this service and we look forward to working with them to enhance our clearing offering.”

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