Lloyds Bank Corporate Markets has commenced clearing its interest rate swaps (IRS) business through SwapClear.
The IRS clearing service, part of LCH.Clearnet, now has 50 clearing members.
Lloyds Bank Corporate Markets, part of the Wholesale division at Lloyds Banking Group, delivers corporate banking and risk management services to financial institutions and corporate customers.
“Clearing interest rate swaps is a key step for Lloyds Bank Corporate Markets,” commented Bruce Kellaway, head of Swaps Trading. “The credit and operational efficiencies that result from joining an IRS clearing services such as SwapClear, allow us to further build competitive solutions for our clients.”
In 2010 LCH.Clearnet became the first derivatives clearinghouse in the world to use overnight index swap (OIS) rate curves to discount IRS.
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