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- Goldman Sachs and Morgan Stanley acted as counterparties to the trade
- SwapAgent saw growth of over 750% in BAU cross currency notional registered in H2 2021 compared to H2 2020
- Extension builds upon strong growth at LCH SwapAgent
LCH SwapAgent today announces it has extended the cross currency swaps it offers, processing its first interbank USD/HKD cross currency swap, which was executed by Goldman Sachs and Morgan Stanley. LCH SwapAgent brings many of the benefits market participants have become accustomed to in the cleared market to non-cleared derivatives
Nathan Ondyak, Head of LCH SwapAgent, said:
“The addition of the USD/HKD currency pair is another example of how SwapAgent continues to expand its offering and demonstrates our support for customers in the APAC region. The strong growth in the service continues to accelerate, with market participants recognising the benefits and capital efficiencies SwapAgent brings to the non-cleared space.”
James Ellery, Head of Global Currencies and Emerging Markets in Asia Pacific, Goldman Sachs, said:
“We’re delighted to have executed the first USD/HKD cross currency swap processed by LCH SwapAgent. This new currency pair means that more of our trading activity can benefit from the standardisation that SwapAgent brings, reducing our trading frictions.”
Longtao Tian, Executive Director, Fixed Income Division, Morgan Stanley, said:
“We welcome the further expansion in cross currency swap coverage from LCH SwapAgent. We were pleased to be a part of the inaugural trade in USD/HKD and look forward to continuing to utilize the platform for our clients."
