LCH, a global clearing house, announced that has extended its CDSClear service to offer clearing for the CDX North American High Yield index. This latest addition to LCH’s credit derivatives clearing service follows the launch of clearing for the CDX North American Investment Grade index at LCH in 2016.
LCH is the first European CCP to offer the clearing of both US and European credit derivatives to its members and their clients. The addition of this new index extends the opportunities for participants to realise cross margining efficiencies by offsetting their European and US products through CDSClear.
Frank Soussan, Global Head of CDSClear, LCH, said:
We’re delighted to be the first CCP in Europe to make this North American focused index available for clearing. The extension enables us to offer a single solution and greater efficiencies to our customers who are increasingly clearing more of their eligible credit products. Our continued expansion and focus on providing choice to our customers is reflected in the strong growth in customer activity we continue to see at CDSClear.
LCH’s CDS coverage, which is the broadest of any CCP. CDSClear now clears close to 500 single-name CDS and 93 index series. It is also the only European CCP to clear all Senior Financial Single Names, including members’ names. LCH SA is registered as a CCP in Europe under EMIR, and in the USA, as a DCO with the CFTC and as a clearing agency with the SEC.