LSEG today announces that LCH SwapClear has cleared its inaugural Malaysian Ringgit-denominated non-deliverable interest rate swaps (MYR NDIRS). Launched in response to growing demand among clearing members and clients in the Asia-Pacific region, the milestone is underscored by the early adoption from leading Malaysian and global banks. CIMB and Maybank were among the first institutions to clear MYR NDIRS as clients, with HSBC serving as one of the clearing brokers.
The addition of the Malaysian Ringgit (MYR) further strengthens LCH SwapClear’s robust product suite, which now spans across 28 currencies. MYR is the eleventh APAC currency available for clearing, with notional registration volumes in APAC-domiciled currencies growing by 165% from 2021 to 2024 to reach US$166.8 trillion.
Susi de Verdelon, CEO, LCH Ltd, said: “We are proud to be building on our long-term commitment to the APAC market and extending our multi-asset class offering to now include the clearing of non-deliverable Malaysian Ringgit interest rate derivatives. We continue to see strong demand in the APAC region from market participants that are seeking capital and operational efficiencies across their rates portfolios, and this new product will help them to further achieve this.”
Chu Kok Wei, CEO, Group Wholesale Banking, CIMB, said: “This milestone underscores the evolution of Malaysia's financial markets and reflects our commitment to driving innovation and efficiency in the region. As a recognized leader in the MYR interest rate derivatives market, CIMB is proud to partner with LCH to clear MYR NDIRS, positioning us at the forefront of shaping a more globally integrated and resilient derivatives ecosystem. This new capability not only enhances our risk management toolkit, but also strengthens Malaysia's position as a regional hub for capital market activity. We look forward to working closely with our clients, regulators, and international partners to deepen liquidity and elevate the Malaysian Ringgit's relevance in global portfolios.”
Clement Cordier, Head of Derivatives Clearing Services, The Hongkong & Shanghai Banking Corporation Limited, said: “This is a landmark development supporting the growth of the MYR denominated interest rate derivatives market. We’re delighted to be amongst the first institutions to support client clearing of MYR NDIRS, further demonstrating our continued commitment to enhancements and innovations across capital markets within the Asia-Pacific region. This paves the way for more efficient interest rate hedging and risk management while further enabling us to support our clients with HSBC Real Clear, our market leading derivatives clearing solution.”
Farid Kairi, Deputy Group CEO, Global Banking, and Managing Director, Global Markets, Maybank, said: “As a leading Malaysian principal dealer and participant in the ASEAN markets, Maybank is pleased to participate in the launch of LCH-cleared Ringgit derivative transactions. We view this as a milestone towards building a deeper liquidity pool that is more robust and efficient, which translates to lower trading and hedging costs. It also complements efforts by Bank Negara Malaysia to promote broader and more inclusive participation, particularly amongst non-resident institutions and funds, in the Ringgit-denominated derivatives markets.”
Learn more about the service here: LCH SwapClear
Contacts
LSEG Press Office
Tel: +44 (0)20 7797 1000
Fax: +44 (0)20 7426 7001
Email: newsroom@lseg.com
Website: www.lseg.com
About Us
LSEG Post Trade
As financial markets evolve, the pressure on scarce resources, the drive for efficiency and the need for robust risk management become even greater. LSEG Post Trade is here to clear the way for both cleared and bilateral markets, innovating as conditions change.
Our range of innovative solutions helps streamline your operations and drive capital and cost savings. This is achieved through LCH’s clearing services and Post Trade Solutions, including Acadia, Quantile and SwapAgent, which enhance risk management processes, standardise workflows and can deliver significant margin, capital and operational efficiencies. In addition, Regulatory Reporting reduces your operational and regulatory risk through our range of regulatory reporting, reference data and analytics solutions, whilst also helping to simplify compliance.
Together, we offer a complete, flexible post trade ecosystem, with proven domain expertise and a core commitment to working in partnership with our customers, to really transform our industry.
Whatever your journey through financial markets, we’ll get you to where you want to be.
For more information, visit our website
This document has been provided to you for informational purposes only and is intended as an overview of certain aspects of, or proposed changes to, the SwapClear, Listed Interest Rates, SwapAgent and/or any other service provided by LCH Group Holdings Limited (“LCH Group”) or any of its group undertakings (group undertakings shall be construed in accordance with section 1161 of the Companies Act 2006; each an “LCH Group Company”).
LCH Limited is supervised by the Bank of England within the UK regulatory framework, registered as a derivatives clearing organisation with the U.S. Commodity Futures Trading Commission (“CFTC”) and recognised as a third-country CCP under Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”). LCH S.A. is regulated and supervised in France by the Autorité des Marchés Financiers, the Autorité de Contrôle Prudentiel et de Résolution and the Banque de France, authorised as an E.U. CCP under EMIR, registered as a derivatives clearing organisation with the CFTC and as a clearing agency with the U.S. Securities and Exchange Commission. LCH Limited and LCH S.A. also hold licenses or authorisations in other jurisdictions in which they offer their services. More information is available at www.lseg.com.
The relationship of an LCH Group Company with its members is governed solely by its rulebook and certain other ancillary documentation, as applicable. This document does not, and does not purport to, contain a detailed description of any aspect of a service provided by an LCH Group Company or any other topics discussed in this document, and it has not been prepared for any specific person. This document does not, and does not seek to, constitute advice of any nature. You may not rely upon the contents of this document under any circumstance and should seek your own independent legal, investment, tax and other advice. The information and any opinion contained in this document does not constitute a recommendation or offer with respect to any derivative contract, financial instrument, security or service. No LCH Group Company makes any representation, warranty, condition or guarantee (whether express or implied)
that the contents of this document are accurate, complete or up-to-date, and makes no commitment to offer any particular product or service. No LCH Group Company shall have any liability for any losses, claims, demands, actions, proceedings, damages, costs or expenses arising out of, or in any way connected with, the information contained in this document, except that each LCH Group Company accepts liability that cannot be excluded by applicable law.
Copyright © LCH Limited 2025. All rights reserved. Copyright © LCH S.A. 2025. All rights reserved. LCH SwapClear, LCH CDSClear, LCH ForexClear, LCH RepoClear, LCH EquityClear, LCH SwapAgent and €GCPlus are registered trademarks of LCH.
The information contained in this document is confidential. By reading this document, each recipient agrees to treat it in a confidential manner and will not, directly or indirectly, disclose or permit the disclosure of any information in this document to any other person (other than its regulators or professional advisers who have been informed of the confidential nature of the information) without the prior written consent of the relevant LCH Group Company to whom such confidential information belongs.
