SwapClear Announces U.S. $34 Billion Cleared In Client Business In January 2012 - $28 Trillion In Total Notional Also Cleared In January - Clients Cleared In Seven Of The 17 Available Currencies

LCH.Clearnet Limited’s (LCH.Clearnet’s) market-leading interest rate swap (IRS) clearing service, SwapClear, today announced that in January it cleared U.S. $34 billion in total notional client business across seven of the 17 currencies currently available. These volumes bring the total client notional outstanding to $288 billion. During this period, SwapClear also cleared $28 trillion of total notional business.

An advocate of compression, SwapClear tore up $10.8 trillion of cleared transactions in January through multilateral trade compression, taking its overall total compressed trades to $99 trillion in USD, EUR, GBP and JPY cleared IRS. 

“The continued growth in client volume before any mandate has been enacted confirms the buy-side’s desire to capitalize on the risk management benefits of OTC clearing,” said Michael Davie, CEO of SwapClear. “We are dedicated to providing a truly competitive offering that is fully aligned to the needs of all clients.  These impressive volumes validate our superior approach to risk management and commitment to world-class client service.”

SwapClear was launched in 1999 by LCH.Clearnet, a CFTC-regulated derivatives clearing organization since 2001. The one million trades in SwapClear have a total notional value of more than USD 289 trillion. SwapClear clears 17 of the world’s largest currencies and its membership currently stands at 61.