State Street Joins LCH.Clearnet's SwapClear

State Street Global Exchange has joined LCH.Clearnet’s SwapClear service for clearing over-the-counter interest rate swaps.

Recently, State Street launched SwapExSM, an electronic trading platform for interest rate and FX derivatives, which the CFTC provisionally registered as a swap execution facility (SEF) in September, and which began trading in October. Now, users will have access to clear these interest rate swaps through SwapClear.

“Our SwapClear membership gives our global client base access to the world’s largest clearing house for interest rate swaps with deep liquidity pools and superior risk management,” says Martine Bond, head of trading and clearing at State Street Global Exchange. “As an entire industry aligns itself with the new regulatory environment, having comprehensive clearing and servicing solutions ensures that our clients are efficient across the entire derivatives trade lifecycle.”

State Street is also a member of CME Group for clearing, and the firm says that it “is actively pursuing other clearing memberships.”