State Street Global Exchange Joins LCH.Clearnet’s SwapClear
October 24 2013 - 9:00AM
Business Wire
State Street Global Exchange announced today that it is now
clearing over-the-counter interest rate swaps using LCH.Clearnet
Ltd.’s, SwapClear service. The announcement comes shortly after
SwapExSM, State Street’s electronic trading platform for interest
rate and FX derivatives, was provisionally registered as a swap
execution facility (SEF) by the CFTC in September. SwapEx began
trading on October 8, 2013.
“Our SwapClear membership gives our global client base access to
the world’s largest clearing house for interest rate swaps with
deep liquidity pools and superior risk management,” said Martine
Bond, head of trading and clearing at State Street Global Exchange.
“As an entire industry aligns itself with the new regulatory
environment, having comprehensive clearing and servicing solutions
ensures that our clients are efficient across the entire
derivatives trade lifecycle.”
“State Street is an important addition to SwapClear’s global
membership roster” said Daniel Maguire, head of SwapClear US at
LCH.Clearnet. “Buy-side clients will benefit from the addition of a
global industry leader to an already strong pool of direct clearing
members and liquidity providers.”
SwapClear membership expands State Street Global Exchange’s
existing end-to-end derivatives solution, DerivOneSM, which
includes execution, clearing, servicing, collateral management,
valuation, and risk and analytics for over the counter and exchange
traded derivatives. State Street has been a member of CME Group
since 2010 and is actively pursuing other clearing memberships.
State Street Global Exchange delivers proprietary data,
insights, analytics and trading solutions to address clients’ needs
to make better investment decisions, generate superior returns and
effectively manage data and risk. LCH.Clearnet is the largest
clearer of interest rate swaps, clearing over 95% of the world's
cleared interest rate swaps. LCH.Clearnet launched SwapClear in
1999, and it has been a CFTC-regulated derivatives clearing
organization since 2001.
About LCH.Clearnet
The LCH.Clearnet Group is a leading multi-asset class and
multi-national clearing house, serving major exchanges and
platforms as well as a range of OTC markets. LCH.Clearnet’s
world-class risk management framework provides exceptional levels
of protection to international markets, as has been proven through
the management of recent defaults. As demand for robust clearing
services continues to grow, LCH.Clearnet is committed to achieving
the highest standards of risk management across all asset classes
cleared. LCH.Clearnet is majority owned by London Stock Exchange
Group (LSE.L), a diversified international exchange group that sits
at the heart of the world's financial community.
For more information on LCH.Clearnet visit
www.lchclearnet.com/media_centre
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $26 trillion in assets under
custody and administration and $2.2 trillion in assets under
management* at September 30, 2013, State Street operates in more
than 100 geographic markets worldwide, including the U.S., Canada,
Europe, the Middle East and Asia. For more information, visit State
Street’s web site at www.statestreet.com.
* This AUM includes the assets of the SPDR Gold Trust (approx.
$39 billion as of September 30, 2013), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors,
serves as the marketing agent.
State Street CorporationAnne McNally, +1
617-664-8576www.statestreet.com@StateStreet
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