London Stock Exchange welcomes LCH SwapAgent

Today, London Stock Exchange welcomed LCH SwapAgent to open trading on its markets to celebrate the launch of the new service.

LCH SwapAgent is a new centralised service for the non-cleared derivatives market, designed to streamline and standardise the OTC derivatives market. The service extends LCH’s clearing infrastructure to the bilateral market, without requiring novation to a central counterparty. This ensures trades remain fully bilateral, while following a similar operational process to cleared trades.

The service is available for all market participants trading non-cleared OTC interest rate derivatives. 14 dealers have so far confirmed their support for LCH SwapAgent including: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and RBS.

Nathan Ondyak, Global Head of LCH SwapAgent, said:

"I am delighted to be opening London Stock Exchange’s markets this morning, celebrating the launch of LCH SwapAgent. We believe that an efficient bilateral market is vital in maintaining the health of the wider OTC derivatives market. We look forward to supporting our customers in simplifying the post-trade process by bringing many of the efficiencies of clearing to their non-cleared books."

For more information about LCH SwapAgent, please visit: http://www.lch.com/lch-swapagent