Multi-asset brokerage Newedge has joined LCH.Clearnet's SwapClear service for interest rate swaps.
Both Newedge UK and Newedge USA have joined the global clearing service, bringing SwapClear's global membership to 82.
Newedge said the continuing evolution of the OTC market is providing opportunities to broaden the Newedge offering add value for its clients.
Nicolas Breteau, CEO of Newedge, said: "Joining SwapClear is an important step towards building our cross boarder services and continuously expanding our clearing offering from listed to OTC."
SwapClear has been clearing OTC interest rate swaps for the past 14 years, clearing some 3.1 million contracts with $384 trillion of notional value.
LCH.Clearnet said SwapClear is continuing to expand its membership as financial institutions seek greater risk-management and liquidity in the global interest rate swap market.
In February, SwapClear reported a significant surge in buy-side clearing of interest rate swaps ahead of the introduction of OTC derivatives rules implemented in March as part of the Dodd-Frank Act. The use of clearing in OTC derivatives is expected to increase further as both US and European regulatory deadlines approach.
Newedge's global head of OTC clearing, John Wilson, added: "Joining SwapClear complements Newedge's existing ability to clear listed derivatives and deliverable swap futures - we are now better able to give clients confidence that however the market evolves, they can clear their trades through Newedge."