BNY Mellon Clearing is now clearing interest rate swaps (IRS) for clients using LCH.Clearnet's SwapClear.
The BNY Mellon parent company is also a member of SwapClear in its role as a Commodity Futures Trading Commission (CFTC) provisionally registered swap dealer. LCH.Clearnet is the world's largest clearer of IRS.
In addition to providing central counterparty clearing services, BNY Mellon offers a suite of global collateral management services and asset servicing for clients that trade IRS.
"As an FCM member of SwapClear, we are further enhancing our capabilities and providing an efficient, effective response to our institutional clients' needs to centrally clear their swaps contracts," says Sanjay Kannambadi, global head and CEO of BNY Mellon Clearing.
Art Certosimo, senior executive vice president and CEO of BNY Mellon Global Markets, says SwapClear utilization will result in added efficiencies to the firm's global client base and aligns its derivatives trading desk with the current regulatory environment.