LCH.Clearnet Limited’s interest rate swap (IRS) clearing service, SwapClear, cleared USD34 billion in total notional client business in January across seven of the 17 currencies currently available.
These volumes bring the total client notional outstanding to USD288 billion. During this period, SwapClear also cleared USD28 trillion of total notional business.
An advocate of compression, SwapClear tore up USD10.8 trillion of cleared transactions in January through multilateral trade compression, taking its overall total compressed trades to USD99 trillion in USD, EUR, GBP and JPY cleared IRS.
“The continued growth in client volume before any mandate has been enacted confirms the buy-side’s desire to capitalise on the risk management benefits of OTC clearing,” says Michael Davie (pictured), CEO of SwapClear. “We are dedicated to providing a truly competitive offering that is fully aligned to the needs of all clients. These impressive volumes validate our superior approach to risk management and commitment to world-class client service.”
SwapClear was launched in 1999 by LCH.Clearnet, a CFTC-regulated derivatives clearing organisation since 2001. The one million trades in SwapClear have a total notional value of more than USD 289 trillion. SwapClear clears 17 of the world’s largest currencies and its membership currently stands at 61.
