CME Group expands Asia swaps clearing

Swaps products will see CME expand its offering to 21 currencies.

CME Group has cleared its first swaps in India and Korea, expanding its suite of cleared products in Asia.

Last week CME launched voluntary clearing for Indian Rupee (INR) overnight index swaps and Korean Won (KRW) interest rate swaps.

Credit Suisse and Citi are among the clearing banks that will offer access to the new products with CME.

“As our clients prepare for the implementation of uncleared margin rules, voluntary clearing is paramount to manage counterparty risk, gain capital efficiencies, and streamline operational processes,” said John Dlubuc, director in prime services at Credit Suisse. 

The launch of the new products expands CME Group’s interest rate swaps clearing suite to 21 currencies.

The average daily notional of the INR swaps market is approximately $6 billion per day, and the average daily notional of KRW swaps market is approximately $12 billion per day, according to the 2016 BIS Triennial Survey Data.