LCH targets non-cleared market with radical new platform

Bilateral trades would be valued and margined using LCH swap curves

SwapAgent users will face each other directly, rather than the clearing house

The derivatives market's biggest swaps clearer, LCH, today announced plans for a platform that could place it at the heart of the non-cleared market as well. Eleven dealers have confirmed their support for the service, which is slated to go live in the first half of 2017.

The SwapAgent service – talk of which was first reported by Risk.net in June – would use LCH swap curves to calculate variation margin calls, a role that is currently performed by the parties to a trade. Users would also agree