Downgrade fears push South Africa banks to join CCPs

FirstRand, Barclays Africa and Standard Bank eye direct LCH membership

The skyline in Durban in South Africa
South Africa: downgrade fears are prompting local banks to join CCPs

The looming threat of a downgrade to South Africa's sovereign credit rating has forced some of the country's largest banks to take radical action to ensure access to overseas central counterparties (CCPs), with some fearing that a cut to junk status would preclude international CCPs such as LCH from allowing them to onboard.

FirstRand, one of the country's largest banks, has joined LCH Ltd's SwapClear service via a newly created London-based markets entity, FirstRand Securities Ltd, which will

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 or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here