LCH.Clearnet Takes CDSClear to New Jurisdictions
LCH.Clearnet has announced that the clearinghouse will take its CDSClear service international, building on its current domestic service offered in France since March 2010.
CDSClear currently clears for BNP Paribas, Crédit Agricole, Naxtixis, and Société Générale, and will now work across multiple jurisdictions for 10 further financial institutions: Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley and UBS.
The expanded service clears 129 different series 5 contracts for Markit iTraxx Europe, HiVol, and Crossover indices products, and will also include unique default management processes uniquely tailored to address the specific characteristics of credit derivatives.
The expansion also comes as LCH readies further enhancements to the CDSClear offering, including European single-name credit default swap (CDS) intra-day clearing and a US client clearing offering.
"This latest development in CDSClear complements our existing interest rate swap and foreign exchange (FX) OTC offerings enabling LCH.Clearnet to offer clearing services across the broadest range of OTC derivative asset classes and geographies in the market. … The CDS market opportunity is significant and this launch both augments our offering and is a major step forward," says Ian Axe, CEO of LCH.Clearnet Group.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
WatersTechnology latest edition
Check out our latest edition, plus more than 14 years of our best content.
Tech and data fragmentation irks enterprise risk managers
Often at the mercy of decisions made by other parts of the bank, ERM heads gripe at disparate systems, poor UX, and reporting gaps.
When trading systems disagree: a deterministic architecture for event sequencing
Modern trading platforms execute millions of events at extraordinary speed, but speed alone does not ensure that every downstream system shares the same view of reality, says Gaurav Tiwari.
Goldman exec: Dec. 6 a ‘lighthouse’ for EU T+1 readiness
Officials from JP Morgan, the European Central Bank, the National Securities Depository, and Goldman Sachs explained how T+1 preparation needs to be different in the EU than in the US, while speaking at Sibos.
Month-long power glitch hits key APAC trade surveillance tool
Nasdaq’s alert functions were restored, but users say testing and calibration tools were still disrupted.
Bankers question value of round-the-clock trading
BNY and State Street execs predict the arrival of extended-hours trading will come with a hefty price tag for industry firms.
BlackRock Aladdin prioritizing semantic layer for agentic AI
The asset manager’s tech platform is spending “a lot of time thinking about” semantics before it rolls out AI for a variety of tasks, says Aladdin exec.
Trading firms rethink infrastructure proximity as Asia’s FX markets grow
Firms that treat local infrastructure as core to how they serve clients in Asia stand to benefit from Singapore’s growing role as an FX hub, writes Judy Goh.
