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State Street to Clear IRS Swaps Through SwapClear

State Street Global Markets, which boasts billions of dollars in assets under management, announced it will join LCH.Clearnet's derivatives clearing service in order to comply with new regulations for over-the-counter swaps trades.

Pending regulatory approval, the firm said in June it will become a member of SwapClear, LCH.Clearnet's clearinghouse for OTC swaps. SwapClear, which currently clears trades for 61 firms, was the first OTC clearinghouse to handle a significant interest rate swap default when it resolved Lehman Brothers' $9 trillion blowup in 2008.

"Our membership will provide our institutional investor clients with a key venue for clearing the multiple swap products now being brought into a cleared environment under the emerging regulatory changes in Europe and the United States," said Clifford Lewis, vice president of State Street's exchange unit.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio

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