LCH.Clearnet wins Japan clearing mandate

Swaps clearing approval seen as major part of integration of LCH.Clearnet's Asian operations.

LCH.Clearnet has won regulatory approval to clear non-Yen interest rate swaps for Japanese banks.

The mandate granted by the Japanese Financial Services Agency (FSA) further integrates LCH.Clearnet’s SwapClear service with the Asia.-Pacific region.

“By providing our clearing service to Japanese financial institutions, we hope to strengthen further Tokyo’s position as a global player in derivatives,” said Suneel Bakhshi, group CEO, LCH.Clearnet.

“We’ve seen significant demand for our services as firms seek to benefit from the efficiencies that come with clearing and associated services such as compression.”

The mandate grants LCH.Clearnet has the first non-Asian clearing house to be licensed locally in Japan.