Newedge, a global multi-asset brokerage and clearing firm, today announced that its US and UK subsidiaries (Newedge UK and Newedge USA) have both joined LCH.Clearnet Ltd’s SwapClear, the major 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, according to the release.
Commenting on the news, 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 crossborder services and continuously expanding our clearing offering from listed to OTC.”
In the same release, 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."