LCH SwapAgent processes first cross-currency basis swap
It is the first non-cleared trade to be transacted as LCH STM, SwapAgent’s settlement-to-market legal and operational framework
The derivatives market’s biggest swaps clearer, LCH, has announced that SwapAgent, its service for the non-cleared market, has processed its first cross-currency basis swap.
Credit Suisse and Deutsche Bank were the two counterparties to the EUR/USD swap. The trade was processed through MarkitServ, the over-the-counter derivatives trade-processing service from Markit, and brokered by Icap.
LCH SwapAgent is available for market participants trading non-cleared OTC interest rate derivatives
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