LSEG today announces that KEB Hana Bank, a major FX trading institution in South Korea and subsidiary of Hana Financial Group, has joined SwapAgent, a Post Trade Solutions business, and successfully executed its inaugural cross-currency swap through the service.
KEB Hana Bank is the first South Korean bank to become a SwapAgent member. It was also the first South Korean client to clear FX non deliverable forwards (NDFs) at LCH ForexClear in 2021. KEB Hana Bank has also been a LCH SwapClear client for almost 10 years – underscoring its commitment to building a long-term, cross-asset relationship with LSEG.
This membership enables KEB Hana Bank to leverage SwapAgent’s comprehensive solutions for enhanced risk management and margin optimisation in the non-cleared derivatives market, while gaining greater capital and operational efficiencies.
Jong Ho Lee, Head of Finance Markets Trading Department and Okkyoon Park, Head of London Treasury Centre, KEB Hana Bank, said: “Becoming a SwapAgent member is an important milestone for the bank, as it enables us to deliver greater standardisation and efficiency in cross-currency swaps, while significantly reducing our operational and credit risk. We’re excited to unlock these advantages and strengthen the service we provide to our clients.”
Annabel Harrison, Global Head of Agent Services, LSEG, said: “We’re delighted that KEB Hana Bank has joined SwapAgent. This builds on the strong relationships we have already established and reflects the significant progress we’ve achieved together in the derivatives space. We’re seeing growing momentum in delivering a meaningful value proposition to financial institutions — not only in South Korea but across Asia Pacific — helping them to benefit from the operational, margin and capital efficiencies that our services provide.”
SwapAgent offers solutions designed to materially improve standardisation, efficiency, and simplicity in the non-cleared derivatives market. There are now 57 dealer entities from 17 countries live on SwapAgent. $40 trillion in notional volume has been registered at SwapAgent since it launched in 2017.
Learn more about SwapAgent here: SwapAgent | LSEG
Contacts
LSEG Press Office
Harriet Leatherbarrow / Jackson Yu
+44 (0)20 7797 1222
About Post Trade Solutions
Post Trade Solutions brings together TradeAgent, Acadia, Quantile and SwapAgent to streamline operations, reduce risk and improve capital efficiency.
By connecting with existing cleared infrastructure, we bring the benefits of clearing to the bilateral space, driving efficiency no matter where customers choose to trade their risk.
We continually innovate and have combined our solutions into five pillars which streamline workflows and operations, centralise data on open-access platforms and provide an authoritative data store, optimise to reduce risk and improve capital efficiency, analyse to simplify regulatory compliance, and advise our community to solve the industry’s most complex challenges.
Post Trade Solutions is part of LSEG’s Markets division. Our network includes over 3,000 firms, including all the top dealer banks, regional banks, buy-side firms and corporates.
About LSEG
LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes.
LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.
LSEG’s ticker symbol is LSEG.
