About SwapAgent
SwapAgent is a service designed to deliver the benefits of clearing to the uncleared derivatives market. By standardising collateral agreements, simplifying processing and settlement of uncleared derivatives across IR swaps, XCCY swaps, Swaptions and FX, SwapAgent improves liquidity in the interbank market and provides significant operational, balance sheet and resource management benefits for our members.
SwapAgent extends proven clearing infrastructure to the bilateral market without novating to a central counterparty. While trades remain fully bilateral, they benefit from a centrally managed lifecycle that includes trade processing, valuation, margining, risk calculation and optimisation services. This delivers a clearing-like experience while preserving the flexibility of bilateral trading.
Today, SwapAgent supports a growing global network of 57 members, representing both buy and sell-side across 17 countries, processing average daily trading volumes of over $64bn and optimising settlement volumes exceeding $700bn in 2025.
As part of LSEG’s Post Trade Solutions, SwapAgent extends many efficiencies of the cleared derivatives space to the non-cleared market - capabilities customers already know and trust - helping to create a more streamlined, resilient and cost-effective post-trade environment.
What we do
SwapAgent’s mission is to bring the benefits of clearing to the bilateral world, standardising CSAs, acting as a central and transparent valuation agent, simplifying workflows and optimising settlement processes.
- Standardisation of collateralisation document terms
- Uniform end-to-end trade processing and life-cycle management
- Independent valuation and dispute elimination for SwapAgent trades
- Standardised risk factor calculations to enable bilateral initial margin calculations
- Simplification and standardisation of the collateralisation and settlement process
- Elimination of unnecessary payment flows (e.g. netting coupons and variation margin)
- Minimise settlement risk within a PvP environment with Herstatt protections built-in
SwapAgent advantages
SwapAgent brings together many benefits of clearing, such as removing disputes with counterparties and independent valuation, while expanding the product offering beyond linear interest rate derivatives, without the cost of default fund contributions and adding optimised payment processing.
| Category | Bilateral SwapAgent | Bilateral Today | LCH SwapClear & ForexClear |
|---|---|---|---|
| Standardised collateral documentation | Yes | No | Yes |
| Standardised trade processing | Yes | No | Yes |
| Independent valuation agent | Yes | No | Yes |
| Dispute elimination | Yes | No | Yes |
| VM/coupon/interest netting | Yes | No | Yes |
| Standardised risk factor calculation | Yes | No | Yes |
| Standardised payment processing | Yes | No | Yes |
| Cross-currency and swaptions | Yes | Yes | No |
| Central counterparty | No | No | Yes |
| Default fund | No | No | Yes |
Service overview
SAL = SwapAgent Limited
Legal framework
By applying a common framework under the SwapAgent rulebook for all trades submitted, members benefit from standardised CSA documentation enabling a level playing field for the basis of valuation, collateralisation and settlement flows.
This can reduce trading friction and costs and ncrease access to liquidity, while allowing SwapAgent to offer efficient netting and settlement of trade cashflows and Variation Margin.
Dashboards
Driving the derivatives industry forward
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