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LCH Clearnet to launch IRS clearing for non-banks
Feb 22, 2011 by Charles Gubert
LCH Clearnet is to launch clearing through its SwapClear Futures Commission Merchant (FCM) for non-bank users including asset managers who utilise interest rate swaps.
The service will come into being on March 8, 2011.
Hedge funds trading vanilla over-the-counter (OTC) derivatives will become indirect members of central counterparty clearing houses (CCPs) through their prime broker or agent bank as stipulated under the US Dodd Frank Act.
The Securities and Exchange Commission (SEC) has until July 2011 to come up with the specific rules governing OTC derivatives clearing. Experts, however, anticipate more than 70% of OTC derivatives will need to be cleared.
US customers will access LCH Clearnet’s SwapClear service through a US-based FCM of their choice. FCMs, as mandated by Dodd Frank, will play a major role in acting as broker between clearing houses and OTC derivatives users.
SwapClear’s service will cover more than 90% of the ‘plain vanilla’ interest rate swaps market and will be expanded in 2011 to cover US-denominated amortising swaps.
