Client clearing: Soaring volumes disguise scary workload

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On the face of it, champagne corks should be popping. At the start of September last year, the two big interest rate swap clearing services – at CME Group and LCH.Clearnet – had cleared a total of $270.7 billion in notional for clients of their member firms. Twelve months later, that number had risen to $3.6 trillion, and the rate of growth is not slowing. In August, cleared client volumes at CME jumped 27%, from $567.8 billion to $721.2 billion; LCH.Clearnet’s SwapClear added almost $1 trillion

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