About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SwapClear Passes US$1 Trillion in Overnight Index Swap Trades in 11 Weeks Since Launch

Subscribe to our newsletter

LCH.Clearnet Limited’s SwapClear service has surpassed the US$1 trillion market in cleared overnight index swap (OIS) trades in only 11 weeks since OIS clearing was launched.

SwapClear is the leading global interest rate swap clearing service. Launched in 1999, it currently clears circa 64% of the global interbank interest rate swap market and, at 30 September 2009, had US$202 trillion in outstanding notional trade sides.

Further developments are planned for the coming months, including a service tailored for the buy side and extensions to tenors to up to 50 years in some of the 14 currencies currently cleared.

Alberto Pravettoni, managing director of Commercial Services, LCH.Clearnet said: “The success of SwapClear’s OIS offering demonstrates the market’s appetite for tailored OTC clearing solutions. Dealers have long recognised the operational and risk management benefits of clearing interest rate swaps, as well as the proven effectiveness of the SwapClear default management process.”

The resilience of SwapClear’s default management process was demonstrated in September 2008 when it successfully handled Lehman’s US$9 trillion interest rate swap default. The highly effective default management process ensured that 66,390 trades were hedged and auctioned off to other clearing members in a timely fashion and that the default was managed well within the margin held and with no recourse to the default fund.

LCH.Clearnet Limited is both a Financial Services Authority (FSA) Recognised Clearing House and a Commodity Futures Trading Commission (CFTC) registered Derivatives Clearing Organisation (DCO).

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Hearing from the Experts: AI Governance Best Practices

The rapid spread of artificial intelligence in the financial industry presents data teams with novel challenges. AI’s ability to harvest and utilize vast amounts of data has raised concerns about the privacy and security of sensitive proprietary data and the ethical and legal use of external information. Robust data governance frameworks provide the guardrails needed...

BLOG

ESMA’s “Data Day” and Regulatory Digitalisation

When ESMA convened its first ‘Data Day’ on 2 December 2025, the agenda title – “Burden reduction in the digitalisation era” – captured a shift that has been building across Europe’s regulatory landscape for several years. While markets been advancing shared data models and machine-executable reporting logic through initiatives such as the Common Domain Model...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Preparing For Primetime – How to Benefit from the Global LEI

They say time flies when you’re enjoying yourself, and so it seems the industry have been having a blast with its preparations for the introduction of the global legal entity identifier (LEI) next month. But now it’s time to get serious. To date, much of the industry debate has centred on the identifier itself: its...