KDPW_CCP: Trying to find a niche in OTC clearing
LCH.Clearnet, owner of the incumbent interest rate swap clearer, SwapClear, is facing new competitors at all levels - global, regional and local. One of the local competitors is Poland's KDPW_CCP, which is due to launch a service for zloty denominated products this month. By Duncan Wood
When it comes to interest rate swap clearing, LCH.Clearnet had the market to itself for a long time – its SwapClear service was launched in 1999, but it was not until CME Group’s rival service won the backing of dealers in early 2011 that it had a heavyweight competitor. This month, a third big player – Germany’s Eurex – is expected to open its own interest rate swap clearing house, EurexOTC Clear.
And SwapClear is facing increasing competition at a regional and local level, too. Singapore’s SGX
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