--- title: SwapClear Expands in U.S. description: SwapClear Expands in U.S. --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/swapclear-expands-u-s#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Institution](https://articles.marketsmedia.com/tag/institution) - Institution - SwapClear Expands in U.S. Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/swapclear-expands-u-s#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 11.14.2013 By Terry Flanagan Institution # SwapClear Expands in U.S. 11.14.2013 By Terry Flanagan [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/swapclear-expands-u-s) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/swapclear-expands-u-s) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/swapclear-expands-u-s) SwapClear, the London Stock Exchange's [clearing](https://www.marketsmedia.com/tag/clearing) platform for interest rate swaps, has increased its US membership by 49% in the last six months as it prepares to add European clients next year. Xavier Rolet, chief executive of the London Stock Exchange Group, highlighted SwapClear's results as a "stand-out" today in the company's half-year results to the end of September. SwapClear members rose to 100 in the LSE's financial half-year, up from 67 in the same period in 2012, and notional outstanding rose to $421 trillion from $329.3 trillion a year ago. Members are based in the US where swap execution facilities were launched in October under the Dodd-Frank financial reform act while the European Market Infrastructure Regulation has not gone live. Rolet said at the results conference: "When EMIR is introduced late in the first half of next year we expect European clients to avail themselves of central clearing for swaps." In order to meet the EMIR regulations Rolet said SwapClear is in discussing changes to its structure, management and governance. There were the first LSE results to include a five-month contribution from LCH.Clearnet since the exchange completed its acquisition of the clearing house. As a result the enlarged group reported first half income of £567.1m, 66% more than £342.54m a year ago. Post trade and information services made up 68% of group income in the first half of this year compared to 45% in the same time last year. "Next year presents a big opportunity for LCH as it is the only clearing house which is based in the UK, US and Eurozone," said Rolet."CME and ICE don't have EU-based clearing houses and the European Central Bank may require euro-based contracts to be cleared by a from that is physically based in the Eurozone." Suneel Bakhshi will start as the new chief executive of LCH.Clearnet in the first quarter of next year. Rolet stressed the need for regulators to lower the costs of cross-border settlement in the Europe by pushing for open access. 'The cost of cross-border settlement in Europe is between  five and eight times the US which inhibits intra-European flows," Rolet said. The exchange is launching a central securities depository in Luxembourg based onits existing infrastructure at Monte Titoli in Italy. In July JP Morgan became the firm to say it will become a customer. EMIR requires margin and default contributions posted to a central counterparty to be held with a securities settlement system, where possible. The Luxembourg CSD, subject to regulatory approval, is expected to be operational in the first half of next year. 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