State Street Global Markets, LLC (SSGM), intends to join SwapClear, LCH.Clearnet’s global over-the-counter (OTC) IRS clearing service, by June, 2012 subject to regulatory approval. SwapClear’s total clearing membership is currently 61.
“Our membership will provide our institutional investor clients with a key venue for clearing the multiple swap products now being brought into a cleared environment under the emerging regulatory changes in Europe and the United States,” says Clifford Lewis (pictured), executive vice president and head of State Street’s Exchange business. “State Street’s diverse, global client base demands a wide range of clearing choices across regions, exchanges and products. We look forward to joining SwapClear as a member and to making the benefits of its services available to our clients.”
"As we continue to grow our global footprint, State Street, a highly respected financial institution, will be a welcome addition to our membership roster,” says Michael Davie, SwapClear CEO. “Expanding our membership reinforces our position as the clearing service with the deepest pool of liquidity, and further demonstrates our commitment to providing superior risk management to the global IRS market.”