Cross-currency margining can bring savings, says SwapClear's Michael Davie

Margin efficiency will be the main driver of success in the OTC clearing world and while cross-margining with futures has been touted as a potential game changer, the gains from this may be illusory, says Michael Davie, head of SwapClear, and chief executive of LCH.Clearnet Ltd.


Asia Risk: The Australian Securities Exchange recently launched interest rate clearing services offering clients the capability to cross-margin across their futures portfolio. Does this represent a threat to LCH.Clearnet's Australia business?

Michael Davie: Cross-margining of swaps against futures and other products is much talked about but if you have a multi-currency swap book, which Australian firms on the buy and sell side do, then there are substantial gains to be had by putting different

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