Nasdaq OMX to launch Nordic swap CCP

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Participants in the Nordic interest rate swap markets will have a choice of clearing venues later this year, after Nasdaq OMX launches a Stockholm-based central counterparty (CCP) to rival the existing SwapClear service offered by London-based LCH.Clearnet. It's a fight the upstart service believes it can win by virtue of its clearing business in other Nordic currency-denominated interest rate products, including forward-rate agreements (FRAs) and futures – in theory, cross-product offs