Singapore’s banks eye LCH membership

London CCP’s move to clear for stranded SGX clients pays off, amid broader Apac membership push

LCH and dragon
LCH’s London headquarters

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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