LCH debuts central clearing for Sora derivatives

CCP expects surge in volumes after clearing first trade linked to Singapore’s risk-free rate


LCH cleared the first over-the-counter interest rate swaps linked to Singapore’s new overnight rate on May 18, the UK clearing house has revealed.

The first cleared swap linked to the Singapore overnight rate average, or Sora, was struck between Standard Chartered and Singapore’s second largest bank by assets, OCBC. More Sora swaps were cleared in the hours that followed, says the central counterparty.  

Kate Birchall, head of Asia-Pacific at LCH in Sydney, says she expects the introduction of

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