Newedge, a global leader in multi-asset brokerage and clearing, today announced that Newedge UK and Newedge USA have both joined LCH.Clearnet Ltd’s (LCH.Clearnet) SwapClear, the leading global clearing service for interest rate swaps.
LCH.Clearnet’s SwapClear has been clearing OTC interest rate swaps for 14 years. The service has cleared more than 3.1million contracts, $384 trillion notional and compressed more than $187 trillion (as at May 2013). SwapClear’s global membership currently stands at 82.
Nicolas Breteau, CEO of Newedge, said:
“The continued evolution of the OTC market provides many opportunities for Newedge to broaden its offering and add value for clients. Joining SwapClear is an important step towards building our cross boarder services and continuously expanding our clearing offering from listed to OTC.”
Michael Davie, CEO of LCH.Clearnet’s SwapClear, said:
“SwapClear is delighted to welcome a leading agency broker such as Newedge. The continued expansion of our membership highlights how increasing numbers of respected financial institutions are benefiting from our world-class risk management and unrivaled liquidity in the global interest rate swap market.”
John Wilson, Global Head of OTC Clearing, Newedge, added:
“Joining SwapClear complements Newedge’s existing ability to clear listed derivatives and deliverable swap futures – we are now better able to give clients confidence that however the market evolves, they can clear their trades through Newedge.”
