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April 16, 2013 /PRNewswire/ -- BNY Mellon today announced that BNY Mellon Clearing, LLC ("BNY Mellon Clearing") is now clearing interest rate swaps for clients using LCH.Clearnet Ltd ("LCH.Clearnet")'s market-leading interest rate swaps clearing service, SwapClear. A BNY Mellon subsidiary that clears futures and over-the-counter derivatives trades on behalf of institutional clients, BNY Mellon Clearing joins The Bank of New York Mellon, a CFTC provisionally registered swap dealer, as a member of SwapClear.
Providing central counterparty clearing services further enhances the extensive portfolio of investment services provided by BNY Mellon as the world's largest custodian in support of clients that trade interest rate swaps. BNY Mellon Clearing is uniquely positioned to leverage the company's full suite of global collateral management offerings, including collateral transformation via securities lending and collateral optimization, while also capitalizing on BNY Mellon's asset servicing operations to improve operational efficiencies.
"BNY Mellon Clearing and its clients are a welcome addition to the SwapClear service as we further expand our U.S. presence," said
Daniel Maguire, Head of SwapClear, U.S.
"As an FCM member of SwapClear, we are further enhancing our capabilities and providing an efficient, effective response to our institutional clients' needs to centrally clear their swaps contracts," said
Sanjay Kannambadi, global head and chief executive officer of BNY Mellon Clearing.
BNY Mellon operates in 36 countries and serves more than 100 markets. The global leader in investment management and investment services, it is also the world's largest provider of Corporate Trust services, and is a top five provider of funds transfer, global payments and cash management services.
"Given LCH.Clearnet's product range and depth of available liquidity, using them to provide central counterparty clearing was a natural decision for us as a global leader in custody and asset management services. SwapClear utilization provides additional efficiencies to our global client base, and aligns The Bank of New York Mellon's derivatives trading desk with the current regulatory environment," said
Art Certosimo, senior executive vice president and chief executive officer of BNY Mellon Global Markets.
LCH.Clearnet is the largest clearer of interest rate swaps, clearing over 95% of the world's cleared interest rate swaps. LCH.Clearnet launched SwapClear in 1999, and it has been a CFTC-regulated derivatives clearing organization since 2001.