SwapClear may assist OIS development

London-based clearing house may consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting

dan-maguire

SwapClear, the interest rate swap clearing service run by London-based LCH.Clearnet, wants to extend the use of overnight indexed swap (OIS) discounting to its entire swaps portfolio – and, as part of that, may help develop OIS markets in countries that don’t currently have them.

SwapClear began discounting dollar, euro and sterling interest rate swaps using OIS in June 2010, and announced last month it would do the same for yen-denominated trades from October – a move that will bring a further

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