BlueCrest Capital Management has joined the LCH SwapAgent service as its first buy-side client.
SwapAgent is designed to simplify the processing, margining and settlement of uncleared derivatives.
Barclays and Citi acted as counterparties in the trade with BlueCrest Capital Management.
LCH states that SwapAgent has seen continued growth. The service recorded a year-on-year increase of 130 per cent in 2022 with more than US$7.5 trillion of notional registered since its launch.
Cross-currency volumes across the service reached record highs with US$2.7 trillion of notional registered in 2022, including a 112 per cent rise in JPY cross-currency volumes.
Nathan Ondyak, global head of LCH SwapAgent, says: “We are thankful to BlueCrest for partnering with us on our journey as we continue to support market participants.
“SwapAgent has now registered over US$7.5 trillion of bilateral derivatives since its launch, and we look forward to building on that growth as we continue to reduce risk in the bilateral derivatives market.”
