ABN AMRO Clearing has successfully commenced clearing its interbank interest rate swap (IRS) trades through SwapClear, LCH.Clearnet Ltds over-the-counter (OTC) IRS clearing service.
The total number of SwapClear clearing members now stands at 37.
The clearing of interest rate swaps through a robust central counterparty is critical to reducing systemic risk in the marketplace, says Alexander Jacobs, head of the OTC derivatives clearing service at ABN AMRO Clearing. With the swiftly changing regulatory environment of clearing services, ABN AMRO Clearing is determined to remain at the forefront of this growth industry. Clearing our dealer to dealer business with an industry leading service such as SwapClear will bring greater transparency and efficiency and we look forward to introducing the benefits of central clearing to our clients in the near future.
Michael Davie, CEO of SwapClear, adds: “We are pleased to be providing our specialist OTC clearing experience to a member of such caliber. SwapClear affords exceptional levels of protection for clearing members and end-users, delivering a secure, reliable and efficient environment for processing IRS trades. The growing demand demonstrates just how effective our clearing model is.