Published On: Sun, Dec 15th, 2013

Standard Chartered Clears First Client OTC Trade Through LCH.Clearnet

Standard Chartered is pleased to announce that following the launch of Standard Chartered Execution, Clearing, Liquidity and Portfolio Services (ECLiPSe), the Bank has successfully cleared the first client over-the-counter (OTC) trade using LCH.Clearnet’s Interest Rate Swap clearing service, SwapClear.

Standard Chartered ECLiPSe is a holistic long-term offering which seeks to help clients respond to the challenges brought about by global derivatives regulation and the increased costs of operating in the derivatives market.

Commenting on this milestone, Luke Brereton, Co-Head of Standard Chartered ECLiPSe, said, “We have made significant progress in delivering the ECLiPSe product suite to our clients. OTC clearing is an important part of the offering and we are delighted to have cleared our first client trade through LCH.Clearnet.”

Andrew Sterry, Co-Head of Standard Chartered ECLiPSe added, “We would like to thank LCH.Clearnet’s SwapClear service for its seamless support in the clearing of this trade. We look forward to a continued clearing relationship with LCH.Clearnet, leveraging its Rates and FX platforms to support our clients in meeting their regulatory obligations globally.”

“This transaction is an important step forward in the evolution of central clearing in the region. By using a global central counterparty, such as LCH.Clearnet, the Asian buy-side community can tap into an unrivalled global liquidity pool. LCH.Clearnet is looking forward to providing clearing services to Standard Chartered as we expand our service in the Asia Pacific region,” said Daniel Maguire, Head of SwapClear US at LCH.Clearnet.

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