LCH SwapAgent processes first XCCY swap under German Master

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LCH SwapAgent today announces its first XCCY swap under a DRV German Master Agreement. Counterparties on the trade were Commerzbank and UniCredit.

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LCH SwapAgent processes first trade under DRV German Master Agreement  
LCH SwapAgent today announced it has processed its first EUR/USD cross-currency swap under a DRV German Master Agreement governed by German law. Unicredit and Commerzbank were the counterparties to the trade. 

According to LCH, extending its rulebook to support the DRV German Master Agreement underlines its commitment to supporting the requirements of the German market and full integration within the global SwapAgent service. It follows the extension of the service to support the FBF/AFB Master Agreement under French law, announced in February 2022.  

Nathan Ondyak, Global Head of LCH SwapAgent, said: “Extending LCH SwapAgent’s services further demonstrates our commitment to improving standardisation and efficiency and reducing risk in the global non-cleared derivatives market.” 

Thomas Roesner, Head of Financial Markets Rates, Commerzbank, added: “We are pleased to have used LCH SwapAgent to facilitate the execution of a DRV transaction for the first time. The service provides increased standardisation allowing us to offer further liquidity in the cross-currency swap market to our clients.” 

Pierrick Fenon, Head of Flow Rates Derivatives Trading, UniCredit, said: “Simplification of trade processing and increased optimisation improves the efficiency of the bilateral derivatives market.”  

LCH SwapAgent services 37 derivative counterparties across EMEA, the US and Asia Pacific, processing over $7.5 trillion in notional volume since launch. 2022 marked a record year for LCH SwapAgent with $1.0 trillion of swaption notional registered and $2.7 trillion of cross currency notional registered.