LCH.Clearnet and TriOptima have eliminated SwapClear U.S. dollar interest rate swaps with notional principal value of $7.1 trillion. SwapClear members have torn up notional principal in SwapClear-cleared USD-denominated interest rate swaps (IRS) in a triReduce termination cycle, terminating them from LCH.Clearnet’s SwapClear service.
Twelve SwapClear members were part of the process. The elimination of the trades streamlines systems processing and decreases operational and administrative burdens in the event of a default. The average duration remaining for the terminated trades was 9.1 years. SwapClear and TriOptima have in all canceled $66.3 trillion in notional principal using triReduce.
Click here for the release from LCH.Clearnet.