Representatives from LCH and EuroCCP highlight contradicting trends they are seeing in clearing activity throughout Europe following Brexit.
LCH says it is the first clearing house to offer clearing of subordinated financials single name credit default swaps through CDSClear.
LCH SwapClear saw notional volumes surge 14% in 2019 to $1,229 trillion as it looks to retain the derivatives clearing market amid Brexit.
LCH SwapClear said it is the first clearing house to offer swaps benchmarked to the secured overnight financing rate (SOFR).
Morgan Stanley and LBBW have cleared the first €STR derivatives referencing the new interest rate benchmark.
Following the launch of ForexClear’s deliverable FX options clearing service last year, LCH is now clearing FX forwards.
Martin Pluves will join FMSB in October as chief executive officer, following a decade at London clearinghouse LCH.
Current LCH chief executive, Martin Pluves, is due to step down from the position on 31 July to pursue other opportunities.
Banks are increasingly turning to compression to mitigate costs and risks, TriOptima said.
Morgan Stanley is that latest investment bank to offer client clearing of credit derivatives through LCH CDSClear.