07 September 2017
London
Reporter: Jenna Lomax

Citi and Deutsche Bank execute first SwapAgent trades


LCH’s new SwapAgent service has completed its first trades, facilitating an interest-rate swap and an inflation swap between Citi and Deutsche Bank.

The trades, denominated in Swiss francs and euro, respectively, were processed through MarkitSERV.

Launched last month, SwapAgent is the latest release from LCH, introducing a new version of client account within its SwapClear service.

It was designed to introduce new efficiencies for the non-cleared derivatives market and to standardise and streamline over-the-counter market infrastructure.

There are already plans to expand the offering to include cross-currency swaps in Q4 2017.

Citi and Deutsche Bank were among 14 dealers that confirmed their support for LCH SwapAgent shortly after its release.

Others include Bank of America Merrill Lynch, Barclays, BNP Paribas, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Nomura and RBS.

Nathan Ondyak, global head of LCH SwapAgent, said: “We are pleased that LCH SwapAgent is now live. We have received significant support from the market for the new service and are delighted that Citi and Deutsche Bank have completed the first trades.”

Stuart Bancroft, managing director of credit valuation adjustment trading at Citi, said: “As the non-cleared market for interest rate derivatives becomes increasingly complex, we welcome innovative solutions like LCH SwapAgent that help simplify the bilateral margining process, while enabling market participants to comply with the uncleared margin rules."

More news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Broadridge expands sec finance project team
25 September 2017 | London | Reporter: Drew Nicol
Broadridge has recruited Martin Walker as head of product management for securities finance and collateral management
US Volcker Rule not fit for purpose, says SIFMA
22 September 2017 | New York | Reporter: Drew Nicol
The US Volcker Rule is too broad, excessively complex, and uniquely prescriptive, according to the Securities Industry and Financial Markets Association
Pension fund mandate for BNP Paribas
22 September 2017 | London | Reporter: Drew Nicol
BNP Paribas has been appointed to provide global custody for £3 billion in pension fund assets for the West Sussex Pension Fund
Pirum joins South African securities lending association
21 September 2017 | Johannesburg | Reporter: Drew Nicol
Pirum Systems has joined the South African Securities Lending Association
AcadiaSoft expands user base for IM compliance
21 September 2017 | Massachusetts | Reporter: Drew Nicol
The second phase of the IM rules went live on 1 September under the regulatory framework of BCBS and IOSCO
FCA takes pragmatic approach to MiFID II deadline
20 September 2017 | London | Reporter: Drew Nicol
The UK’s financial conduct authority has indicated it will accept a soft roll out of the second Markets in Financial Instruments Directive in January
EquiLend and Trax partner for SFTR solution
20 September 2017 | London | Reporter: Drew Nicol
Trax and EquiLend are joining forces to tackle SFTR reporting requirement with a a full front-to-back solution for mutual clients