LCH SwapClear extending operating hours to better support Asia Pacific market

SINGAPORE – Media OutReach – 1 October 2021 – LCH, a leading global clearing house, has
announced that its SwapClear service is preparing to extend its traditional
operating hours to 24 hours a day, five days a week in March 2022. This will
better support market participants in the Asia Pacific region and will be
implemented in two phases.

As part of the first stage of implementatioA620n
on 27 September, SwapClear moved its Monday
morning opening 4 hours earlier so that it is now open from 09:00 Sydney time /
00.00 London time.

Previously, SwapClear was open 20 hours a day, five
days a week and was closed during the APAC morning. The remaining Tuesday
through Friday early morning operating hours is scheduled to be extended by
March 2022.

In March 2022, SwapClear will move to operating 24
hours a day, five days a week. Opening at 05:00 Sydney time on Monday / 20:00
London time (Sunday evening) and closing at 09:00 Saturday Sydney time /
00:00 Friday night London time.

SwapClear
provides the deepest liquidity in the OTC interest rate swaps clearing market
and access to clear 95 percent of the “vanilla” IRS market. Its extensive
product offering makes it simple to comply with regulations, while SwapClear’s
additional products and services enable clients to drive capital and
operational efficiencies across their Rates portfolios.

This new development is especially
relevant to the APAC region as it will deliver clearing certainty during the
Asia Pacific morning for SwapClear’s regional members and clients, including
the Australia market.

Susi DeVerdelon, Head of SwapClear, LCH, said: “This extension in operating hours reinforces our position as a leading
global clearing house and directly responds to a critical request from our APAC
members and clients to support their needs. It has also been strongly supported
by regulators across the region.”

Rohit
Verma, Head of APAC, LCH, added: “This initiative underscores our strong commitment
to the region and risk management. In the extended hours earlier this week,
close to a thousand trades were registered and processed near real-time and
allowed our users to risk manage those trades in a timely fashion.”

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