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BNP Paribas Securities Corporation has joined LCH CDSClear as it expands its offering to the US market.
The company is the first futures commission merchant (FCM) entity to join LCH CDSClear and has cleared the first US buy-side trade on the service.
The partnership follows the expansion of LCH CDSClear’s client clearing services to US credit derivatives market participants.
LCH CDSClear aims to create greater access to the capital reduction, margin offsets and operational efficiencies available through clearing.
Frank Soussan, global head of CDSClear and head of SA EquityClear and CommodityClear at LCH, says: “Onboarding FCM members and expanding our services to US clients means we are not only extending the benefits of clearing to more market participants, but we are also increasing the choices that they have in CDS clearing.
“This is a significant step in our commitment to providing a truly global service with a single pool of liquidity to the cleared CDS market and we look forward to continuing to support our clients globally.”
Gaspard Bonin, deputy global head of derivatives execution and clearing at BNP Paribas, adds: “We are proud to be the first FCM member to go live with client clearing at LCH CDSClear for US market participants.”
