Barclays Goes Live as Clearing Broker for LCH

LCH – part of the post-trade division of London Stock Exchange Group – has announced that Barclays and Barclays Ireland are now live as clearing brokers at CDSClear. Europe-based CDSClear allows users to cross-margin European and US products. It became an international service in 2012, following regulatory efforts to enforce the central clearing of certain credit default swaps. Two years later, the European Securities and Markets Authority reauthorised the CCP to clear the products under the European Market Infrastructure Regulation. According to a story in The Trade news, LCH is currently in the process of expanding its clearing network and the range of credit products eligible for clearing. As a clearing broker, Barclays is set to advance its clearing efficiencies and its clients will benefit from capital gain opportunities and the clearing house’s ‘robust’ risk management. LCH also announced that its 24-hour foreign exchange clearing service, ForexClear, cleared the first NDF trade for Axis Bank – where Societe Generale acted as clearing broker.