LCH says that its SwapAgent service, which acts as an independent calculation agent, by calculating and enabling market participants to exchange bilateral margin and settlement payments without the need for a central counterparty, has now surpassed the $1 trillion mark in notional registered.
The service, which was launched in 2017, says the total number of sides registered since launch is now over 8,000, following increased activity from members, registering both existing and new bilateral cross-currency swaps. The service offers standardised infrastructure and efficiencies to the non-cleared derivatives markets for interest rate swaps, cross-currency swaps, inflation swaps and swaptions
“Surpassing $1 trillion in notional and 8,000 sides registered since launch at LCH SwapAgent are significant milestones,” says Nathan Ondyak, global head of LCH SwapAgent. “They highlight members’ recognition of the significant operational and risk management efficiencies LCH SwapAgent delivers for the bilateral market through standardisation of non-cleared derivatives.”