Overview
SwapClear transactions must be submitted to LCH for clearing via an Approved Trade Source System (as defined in the applicable LCH rulebook).
Below is a list of Approved Trade Source Systems for SwapClear:
- MarkitWire*
- Bloomberg LP* (Bloomberg VCON)
- Bloomberg SEF
- Bloomberg Trading Facility Ltd
- Bloomberg Trading Facility B.V.
- DWSEF LLC ( DealerWeb SEF )
- TWSEF LLC ( TradeWeb SEF)
- Tradeweb Europe Ltd
- Tradeweb EU B.V.
- Tera Exchange
- Traiana*
- LSEG Post Trade Services Ltd*
*middleware providers
Execution Venues and Connectivity
SwapClear is able to receive matched trades from a number of execution venues, including Swap Execution Facilities (SEF), Derivatives Contract Markets (DCM), Multilateral Trading Facility (MTF) or Organized Trading Facility (OTF) . These execution venues may connect via SwapClear's proprietary direct connectivity platform as an Approved Trade Source System, or connect indirectly via a middleware provider that is an Approved Trade Source System, such as MarkitWire or Traiana.
| Venue | Entity | Direct | Indirect |
|---|---|---|---|
| BGC | Aurel BGC SAS | Yes | |
| BGC Brokers L.P. | Yes | ||
| BGC Derivative Markets, L.P. | Yes | ||
| BGC Partners, Inc. | Yes | ||
| Sunrise Brokers LLP | Yes | ||
| Bloomberg | Bloomberg SEF LLC | Yes | Yes |
| Bloomberg Trading Facility Limited | Yes | Yes | |
| Bloomberg Trading Facility B.V. | Yes | Yes | |
| CM Capital Markets | C.M. Capital Markets Brokage | Yes | |
| S.A., Agencia De Valores | |||
| Clear Markets | Clear Markets North America, Inc. | Yes | |
| Grupo CIMD | Corretaje E Información Monetaria y De Divisas, Sociedad De Valores S.A. | Yes | |
| Dealerweb | DW SEF LLC | Yes | Yes |
| ELX | ELX Futures, L.P. | Yes | |
| GFI | GFI Brokers Limited | Yes | |
| GFI Securities Limited | Yes | ||
| GFI Swaps Exchange LLC | Yes | ||
| GMG | GMG Europe B.V. | Yes | |
| HPC | HPC SA | Yes | |
| LatAmSEF | LatAm SEF, LLC | Yes | |
| MTS | MTSSwaps | Yes | |
| Nasdaq | Nasdaq Stockholm AB | Yes | |
| NEX | NEX Amsterdam B.V. | Yes | |
| NEX BrokerTec Europe Limited | Yes | ||
| NEX Limited | Yes | ||
| OTCX | OTCX Trading Limited | Yes | |
| TeraExchange | TeraExchange, LLC | Yes | |
| Tradeweb | Tradeweb EU B.V. | Yes | Yes |
| Tradeweb Europe Limited | Yes | Yes | |
| TW SEF LLC | Yes | Yes | |
| TPICAP | ICAP Global Derivatives Limited | Yes | |
| ICAP Securities Limited | Yes | ||
| ICAP SEF (US) LLC | Yes | ||
| ICAP WCLK Limited | Yes | ||
| ISWAP Euro B.V. | Yes | ||
| TPICAP (Europe) SA | Yes | ||
| tpSEF Inc. | Yes | ||
| Tullet Prebon (Europe) Limited | Yes | ||
| Tradition | Tradition (UK) Limited | Yes | |
| Tradition Securities and Futures | Yes | ||
| Tradition SEF, Inc. | Yes | Yes | |
| Tradition Financial Services España | Yes | ||
| Sociedad de Valores S.A.U. | |||
| YieldBroker | YieldBroker PTY Limited | Yes | |
| 42 Financial Services | 42 Financial Services a.s. | Yes |
EU Commitments
In accordance with the conditional clearance decision adopted by the European Commission on 13 January 2021 for LSEG’s acquisition of Refinitiv, LSEG hereby publishes the text of the commitments relating to OTC Interest Rate Derivatives (the OTC IRD Commitments), which will remain in place until January 2031. Consistent with SwapClear’s obligations under the OTC IRD Commitments, SwapClear does not charge any clearing or compression fees for OTC IRDs clearing services that discriminate based on the source of the trade (i.e. by trading venue or middleware provider).
Any trading venue or middleware provider that has reason to believe that LSEG has failed to comply with its obligations as set out in the OTC IRD Commitments can file a complaint pursuant to the fast-track dispute resolution procedure set out in the OTC IRD Commitments by emailing LSEG at OTCIRD-Commitments@lseg.com (with a copy to the monitoring trustee (see contact details below)) setting out in detail the reasons leading it to believe that LSEG is failing to comply with the requirements of the OTC IRD Commitments. Trading venues and middleware providers are encouraged to contact LCH to attempt to resolve their concerns prior to formally filing a complaint pursuant to the fast-track dispute resolution procedure.
The Monitoring Trustee appointed by LSEG to carry out the functions specified in the OTC IRD Commitments is ALCIS ADVISERS GmbH. To contact ALCIS ADVISERS in relation to the OTC IRD Commitments, please email David Cayet at david.cayet@alcis-advisers.com or Ulrich Puls at ulrich.puls@alcis-advisers.com.
Access the LSEG – OTC IRDs Commitments document.
Contact us
If you'd like to know more about how we can help you, please get in touch.