Nicolas Breteau, chief executive of Newedge

Newedge to clear interest rate swaps with LCH.Clearnet

Wed, 29/05/2013 - 12:00

Newedge UK and Newedge USA have both joined LCH.Clearnet’s SwapClear, the global clearing service for interest rate swaps. 

 
LCH.Clearnet’s SwapClear has been clearing OTC interest rate swaps for 14 years. The service has cleared more than 3.1 million contracts, USD384trn notional and compressed more than USD187trn (as at May 2013). SwapClear’s global membership currently stands at 82.
 
Nicolas Breteau (pictured), chief executive of Newedge, says: “The continued evolution of the OTC market provides many opportunities for Newedge to broaden its offering and add value for clients. Joining SwapClear is an important step towards building our cross boarder services and continuously expanding our clearing offering from listed to OTC.”
 
Michael Davie, chief executive of LCH.Clearnet’s SwapClear, says: "SwapClear is delighted to welcome a leading agency broker such as Newedge.  The continued expansion of our membership highlights how increasing numbers of respected financial institutions are benefiting from our world-class risk management and unrivaled liquidity in the global interest rate swap market.”


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