LCH Clears First SORA Swaps
LCH, a leading global clearing house, today announced that it has cleared the first Singapore Dollar interest rate swaps referencing the Singapore Overnight Rate Average (SORA). LCH has implemented clearing of SORA swaps as the industry continues to adopt alternative interest rate benchmarks. LCH also offers clearing in €STR swaps, SOFR swaps, SONIA Futures and SARON swaps.
.@LCH_Clearing clears first SORA swaps, demonstrating continued support for global rates reform. @StanChart was party to the 1st cleared SORA derivatives trade. Read the press release: https://t.co/ZmG7rqOh41 pic.twitter.com/3PP69bXc8H
— LCH (@LCH_Clearing) May 19, 2020
Standard Chartered was party to the first cleared derivatives trade referencing SORA.
Kate Birchall, Head of Asia Pacific, LCH, said: “The introduction of clearing derivatives referencing SORA is another important milestone in the global efforts to move to alternative reference rates. Clearing this product has involved close collaboration with a variety of stakeholders in Singapore and the wider market. We are pleased to bring these efforts to fruition by being the first to offer these new cleared products to our members and their clients to facilitate increased efficiencies.”
Daniel Koh, Global Head, Treasury Markets, Standard Chartered and Chair of the Steering Committee on Singapore Swap Offer Rate (SOR) transition to SORA (SC-STS) said: “Standard Chartered is delighted to clear the first SORA swaps at LCH and to contribute to building liquidity in this product. Clearing this product is a vital step in the transition to broader adoption of SORA across the Singapore market, and we are in turn pleased to be able to offer SORA swaps to our clients for hedging.”
Phase 5 for the Uncleared Margin Rules is a crucial threshold for many institutions in the region.
Baton Systems provides intra-day information with real-time visibility of margin requirements.
The Monetary Authority of Singapore approved BondEvalue as a Recognised Market Operator.
Li will remain as CEO of Hong Kong Exchange until 31 December 2020.
Open interest in MSCI contracts grew significantly in September.