LONDON, 11-8-2014 — /EuropaWire/ — LCH.Clearnet Limited (LCH.Clearnet) has been granted clearing house recognition by the Autorité des marchés financiers (AMF).
Following recognition, LCH.Clearnet will offer SwapClear, RepoClear, ForexClear and Nodal clearing services to LCH.Clearnet’s clearing members based in Quebec.
Michael Davie, CEO of LCH.Clearnet Ltd said: “We are delighted to have secured recognition from the AMF. Given the prominence of Canada’s financial sector within the global marketplace it has been a key focus of our geographic expansion plans for some time now. This development is a testament to our contributions to market resilience in the region thus far, particularly for OTC interest rate derivatives, where adoption of clearing has increased significantly. As a global CCP, we deliver efficiencies to local markets, providing clearing in multiple jurisdictions and currencies, offering our large and diverse membership access to an unrivalled pool of liquidity.”
LCH.Clearnet is also recognised as a Clearing Agency by the Ontario Securities Commission (OSC) and six Canadian institutions currently clear as members of LCH.Clearnet’s SwapClear service. In recognition of the central role of interest rate derivatives in the Canadian financial system, and the significant volumes cleared through SwapClear by Canadian institutions, SwapClear was designated as systemically important by the Bank of Canada in April 2013.
The LCH.Clearnet Group is a leading multi-asset class and multi-national clearing house, serving major exchanges and trading platforms as well as a range of OTC markets.
LCH.Clearnet’s world-class risk management framework provides exceptional levels of protection to international markets, as has been proven through the management of past defaults. As demand for robust clearing services continues to grow, LCH.Clearnet is committed to achieving the highest standards of risk management across all asset classes cleared.
LCH.Clearnet is majority owned by London Stock Exchange Group (LSE.L), a diversified international exchange group that sits at the heart of the world’s financial community.
Contact: Liz Bruce: Tel + 1 212 498 9197