LCH’s SwapClear signs up new members

The new members have started implementation with a view to going live later this year. They join the OTCDerivNet group of banks, bringing the total number of participants in LCH SwapsClear to 19. OTCDerivNet is a strategy and funding vehicle established by 12 top-tier banks, including UBS, Morgan Stanley, Deutsche Bank and Bank of America.

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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