TD Securities has gone live as a member on LCH SwapAgent, becoming the first Canadian bank member to do so.
LCH SwapAgent’s member count has now grown to 44, spanning 12 countries, which have holistically registered over $5.9 trillion in notional at LCH SwapAgent in 2023 – with average daily volume (ADV) up 78% year-on-year.
“Welcoming TD Securities as LCH SwapAgent’s first Canadian bank member is a significant milestone, and we look forward to working with them as we continue to receive interest from users in North America,” said Nathan Ondyak, head of SwapAgent, LCH.
“The continued growth of SwapAgent is testament to the processing, margining and settlement benefits that our members derive from the service.”
LCH SwapAgent’s services claim to bring improved standardisation, efficiency and simplicity to the bilateral derivatives market.
Last year, SwagAgent added KfW to its service, having successfully processed the first transport currency trades between KfW and counterparties Bank of America, Commerzbank, Danske Bank and Santander.
Read more: LCH SwapAgent processes first trades for KfW
“We are delighted to be the first Canadian bank member of LCH SwapAgent,” said Jason Cope, executive managing director and head of global fixed income at TD Securities.
“By using the service, we believe our clients will benefit from its robust capabilities and potential reduction in costs and risks associated with the bilateral derivatives market.”