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Currencies

SwapClear to clear OTC rate derivatives in six new currencies


LCH.Clearnet’s SwapClear service is to extend the range of currencies cleared from 14 to 20. 

From quarter one 2011, interest rate swaps denominated in HUF, CZK, KRW, MXN, BRL and SGD will be clearable.

This extension, which follows consultation with market participants, enables over 95 per cent of the global IRS market to be cleared through SwapClear.

Michael Davie, chief executive of SwapClear, says: “We strongly support the regulatory drive towards OTC clearing, where it is safe and prudent to do so. Introducing additional currencies will lead to improved efficiencies through margin offsets across portfolios, as we have seen from the 14 currencies cleared to date. For over ten years SwapClear has led the way in OTC clearing and we are committed to continued development of the service, broadening its’ scope wherever possible. SwapClear has been clearing OTC products with buy-side clients since 2009 and we believe that a broader product range will confer greater benefits to users and to the OTC community as a whole."

The SwapClear service clears over 40 per cent of the USD349trn global market and has cleared over one million trades since launch in 1999.


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