LCH.Clearnet to Start Clearing CDS for US Members

A view of the City of London
LCH.Clearnet, created by the merger of the London Clearing House and Clearnet, is based in London.

LCH.Clearnet SA has been authorized to extend its clearing credit-default swaps (CDS) service to US clearing members through its CDS clearing business, CDSClear, while its registration to the US Commodity Futures Trading Commission (CFTC) as a derivatives clearing organization is still pending.

This will add a third over-the-counter (OTC) derivative asset class to LCH.Clearnet Group's OTC clearing service for US members, which includes interest-rate and foreign-exchange derivatives.

"This development provides more choice and flexibility to members in clearing CDS index trades," says Charlie Longden, CEO of LCH.Clearnet's CDSClear business. "We've built upon our extensive OTC expertise and adapted it to provide robust risk and default management for the credit markets."

LCH.Clearnet won the 2012 award for the best risk analytics initiative at Waters' annual American Financial Technology Awards.

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