Almost five years after its first trades went live, LCH’s SwapAgent is finally hitting critical mass for cross-currency swaps, as dealers embrace the operational and capital benefits associated with the standardised collateral agreements underpinning the platform.

Now, with 34 banks onboard, some participants question whether these benefits could translate into a pricing basis between SwapAgent contracts and those traded on pure bilateral credit support annexes (CSAs) – similar to the basis