CCP basis driving CME clients to LCH, traders say
LCH sees doubling in client notional, while CME notional halves
Client-cleared notional at LCH.Clearnet has more than doubled since April – probably the result of the higher cost of pay-fixed US dollar interest rate swaps cleared at rival CME Group, traders say.
The price differential, which exploded to as much 2 basis points for a 10-year trade in the first weeks of May before settling down to around 1bp at the end of July, is said to have hurt liquidity in
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Markets
Digital asset and crypto compliance: new risks and regulatory expectations
How leading institutions are approaching cross-asset oversight and building more resilient, future-ready compliance frameworks
Isda’s Basel III playbook: speak softly and carry a big QIS
Scott O’Malia on capital reforms, repo markets and tokenised collateral
LCH and ASX eye Australia repo clearing
CCPs in talks with dealers as bond boom fuels growing demand for financing
NeoClear enters battle for euro swaps clearing
Paris-based CCP to challenge Eurex and LCH with planned 2027 launch
Staff exodus sparks questions about LMAX’s FX swaps venue
At least nine execs that joined from FX HedgePool – including CEO Jay Moore – have left the company
The dollar do-si-do: hedgers review FX moves
Brief return of US dollar to safe-haven status amid Iran upheaval prompts real money investors to pause hedging activity
Middle East crisis revives demand for VKOs – with a twist
Equity investors balance fear and optimism by pairing 2022’s best hedge with lookback options
Small bond fund breaks ranks with bumper sovereign CDS bets
Counterparty Radar: Boston Management and Research builds sizeable protection-heavy positions across narrower set of issuers
