LCH Adds BNZ as Clearing Member

Clearinghouse adds first New Zealand member amid other developments in Asia-Pacific

clearing capital to increase
New Zealand hasn't had the same wholesale reform of derivatives markets as in the US, EU or Australia, but has made changes.

Known as BNZ, the bank has cleared its first trade as a direct clearing member. The clearinghouse, majority-owned by the London Stock Exchange Group, counts over 100 members of its clearing service, and clears around 95 percent of vanilla interest-rate swaps.

“Being the first New Zealand member of SwapClear links well with our strategy as a leading [New Zealand dollar] swap market-maker to provide increased liquidity and improved execution for our fixed-income clients,” said Graeme Liddell

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