Singapore’s banks eye LCH membership
The London CCP’s move to clear for stranded SGX clients pays off, amid a broader Apac membership push
Singapore’s largest banks are weighing direct clearing membership at LCH’s SwapClear, with the London-based central counterparty’s (CCP) move to scoop up their local currency interest rate swaps earlier this year after rival Singapore Exchange (SGX) pulled out of rates clearing helping to fuel a rise in volumes at the CCP.
At the moment, Singapore’s three biggest lenders – DBS, OCBC and UOB – clear trades indirectly with LCH as clients of larger clearing banks – saving the banks the cost and
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