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  3. LCH SwapClear extends eligibility to SWESTR and DESTR risk-free rates
Derivatives news

LCH SwapClear extends eligibility to SWESTR and DESTR risk-free rates


14 December 2022 UK
Reporter: SFT

Generic business image for news article
Image: AdobeStock/Deacon docs
LCH SwapClear has widened its clearing eligibility to include the Swedish krona short-term rate (SWESTR) and the Denmark short-term rate (DESTR).

SEB and Swedbank were counterparties for the first cleared trade through Swapclear that referenced SWESTR, which is the Swedish central bank’s recommended alternative to STIBOR.

Nordea and Danske were counterparties for the first cleared trade referencing DESTR through LCH SwapClear, which has been recommended by Danmarks Nationalbank as the preferred risk-free rate for Danish kroner.

The clearing house indicates that these trades confirm its commitment to supporting benchmark transition in cleared and bilateral Nordic markets and to the reform of interest-rate benchmarks worldwide.

LCH Ltd head of SwapClear and Listed Rates Susi de Verdelon says: ““We are pleased to extend our services to include clearing of SWESTR and be the first CCP to offer clearing for DESTR.

“LCH is committed to supporting the industry-wide transition to risk-free rates and enabling our members and their clients to benefit from strong risk management and increased capital efficiencies.â€

LCH SwapClear indicates that it is the first clearing house to offer clearing of overnight index swaps utilising the DESTR risk-free rate and now supports clearing of interest rate products across 27 global currencies.
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