SwapAgent processes first cross-currency basis swap
LCH SwapAgent, the non-cleared derivatives calculation agent arm of the clearing house, has processed its first cross-currency basis swap, a trade between Deutsche Bank and Credit Suisse.
ICAP brokered the euro-dollar swap, which MarkitSERV then processed. LCH SwapAgent, which will calculate the net present value settlement on the position, aims to bring clearing efficiencies to non-cleared derivatives markets.“We see the move toward standardisation as a way to improve liquidity in the cross-currency basis market, and ...
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