LCH’s SwapClear signs up new members
The LCH has also extended the maximum tenor of trades denominated in dollars, euro, yen and sterling from 10 to 30 years in a move billed as a "major service expansion". It has also added Swiss francs to the range of currencies cleared for trades with a maximum tenor of 10 years.
LCH SwapClear, launched in September 1999, says it has trades with an aggregate notional principal in excess of $3 trillion. It expects more volumes from back-loaded trades from bilateral portfolios with the introduction of 30-year clearing as well as new business for clearing, according to David Hardy, chief executive at LCH.
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