LCH SwapAgent processes first cross-currency basis swap

It is the first non-cleared trade to be transacted as LCH STM, SwapAgent’s settlement-to-market legal and operational framework

clearing capital to increase
Raising its game: LCH has significantly increased its activity on the back of the introduction of uncleared margin rules in September 2016

The derivatives market’s biggest swaps clearer, LCH, has announced that SwapAgent, its service for the non-cleared market, has processed its first cross-currency basis swap.

Credit Suisse and Deutsche Bank were the two counterparties to the EUR/USD swap. The trade was processed through MarkitServ, the over-the-counter derivatives trade-processing service from Markit, and brokered by Icap.

LCH SwapAgent is available for market participants trading non-cleared OTC interest rate derivatives.

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