Three Canadian banks are set to join LCH.Clearnet’s global clearing service for over-the-counter interest rate swaps, Investment Executive reports. Bank of Montreal, CIBC and TD Bank will become members of SwapClear, which has cleared over 1.5 million OTC swap trades since its launch in 1999.
The move will help the banks meet new regulatory requirements related to the clearing of OTC derivatives. Royal Bank of Canada has already joined SwapClear, which currently has 49 clearing members.
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