BNZ (Bank of New Zealand) one of New Zealand’s largest banks announced today that it has become a Direct Clearing Member of LCH’s SwapClear interest rate swap clearing service – and has successfully cleared its first trade as a direct member.
BNZ Head of Markets, Graeme Liddell said:
Being the first New Zealand member of SwapClear links well with our strategy as a leading NZD swap market maker to provide increased liquidity and improved execution for our fixed income clients.
Our membership also emphasizes BNZ’s commitment to local and international regulatory objectives to centrally clear OTC derivatives.
Marcus Robinson, Asia Pacific Head of Rates and FX Derivatives, LCH, said:
We are delighted to welcome BNZ as the first New Zealand member of SwapClear. By clearing with LCH, BNZ can access SwapClear’s global liquidity pool across our product range which covers 18 cleared currencies, as well as our strong risk management capability in rates clearing.
We are seeing tremendous uptake for our clearing services in New Zealand and across Asia-Pacific. We are continuing to deliver services to international users and local market participants across the world so they can benefit from the comprehensive risk and netting efficiencies associated with clearing.
The clearing arm of LCH.Clearnet, SwapClear clears more than 50% of all OTC interest rate swaps and more than 95% of the overall cleared OTC interest rate swap market.