Royal Bank of Canada (RBC) has become the first Canadian clearing member to join LCH CDSClear, it was announced by the London Stock Exchange Group (LSEG) on Thursday.
RBC Becomes the First Canadian Clearing Member to Join LCH CDSClear
The move marks a step forward in the global expansion of the credit default swap (CDS) clearing platform.
LCH CDSClear, operated by LSEG, is said to offer the broadest range of CDS products of any credit central counterparty (CCP) globally.
RBC’s membership will allow the bank, a market maker in both European and US CDS indices, to access greater operational and margin efficiencies across its portfolio.
“We are delighted to welcome RBC as our first Canadian clearing member,” said Marcus Robinson, Head of CDSClear and DigitalAssetClear at LCH. “We are committed to increasing the level of choice market participants have in CDS clearing.”
RBC’s move comes as LCH CDSClear posts record growth. In the first quarter of 2025, it cleared a record $1 trillion in notional for CDX and iTraxx indices, up 332% from Q1 2024, and €1.58 trillion for European iTraxx indices, a 52% increase.
“We are proud to be a part of the growing service at LCH CDSClear, with capability to clear a wide range of credit derivative products while achieving significant risk management efficiencies,” said Santosh Sateesh, Global Head of Credit Derivatives Trading at RBC. “This move demonstrates our commitment to our clients across the globe.”
CDSClear has recently expanded its offerings to include Asian, Emerging Market, and Australian credit derivatives. In 2024, it expanded its client clearing services to US credit derivatives market participants.
