What We Clear

We give our Clearing Members and their clients access to the most liquid range of OTC interest rate swap clearing options in the marketplace today.

Your Clearing Options

At SwapClear we work with our clearing members and their clients to constantly add new products and services to our offering.

These new additions are based primarily on direct consultation and collaboration with you - our partners in the market. We have developed our broad product offering thanks to the invaluable feedback you provide us.

We are always looking for ways to provide our members and clients with ever more clearing options.

Below is a reference guide to the swap products we currently clear.

  IRS / ZC (Zero Coupon) / Basis
  Index Maturity Under Clearing Requirement Mandate?
AUD BBR-BBSW Up to 31Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years.
CAD BA-CDOR Up to 31Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual maturity is between 28 days to 30 years, for IRS/ZC only
CHF LIBOR Up to 31Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years
CZK PRIBOR Up to 10.5Y Not mandated for clearing by the CFTC.
DKK CIBOR-DKNA13
CIBOR2-DKNA13
Up to 31Y Not mandated for clearing by the CFTC.
EUR LIBOR Up to 51Y Not mandated for clearing by the CFTC.
EURIBOR-Telerate
EURIBOR-Reuters
Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 28 days and 50 years.
GBP LIBOR Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 28 days and 50 years.
HKD HIBOR-HIBOR
HIBOR-HKAB
HIBOR-ISDC
Up to 10.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years, for IRS/ZC only.
HUF BUBOR-Reuters Up to 10.5Y Not mandated for clearing by the CFTC.
JPY LIBOR Up to 41Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years.
MXN TIIE-Banxico Up to 21Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 21 years, for IRS/ZC only
NOK
 
NIBOR-OIBOR  NIBOR-NIBR Up to 15.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years, for IRS/ZC only.
NZD BBR-FRA
BBR-Telerate
Up to 21Y Not mandated for clearing by the CFTC.
PLN PLN-WIBOR
PLZ-WIBOR
Up to 15.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years, for IRS/ZC only.
SEK STIBOR Up to 31Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 15 years, for IRS/ZC only.
SGD SOR-VWAP Up to 10.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
USD LIBOR Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 28 days and 50 years.
ZAR JIBAR Up to 10.5Y Not mandated for clearing by the CFTC.
    ND IRS (Non Deliverable Interest Rate Swaps)  
  Index Maturity Under Clearing Requirement Mandate?
CNY CNREPOFIX=CFXS-Reuters Up to 5.5Y Not mandated for clearing by the CFTC.
INR MIBOR Up to 11Y Not mandated for clearing by the CFTC.
KRW CD-KSDA Up to 11Y Not mandated for clearing by the CFTC.

 

 

Inflation ZCIIS

  Index  Maturity Under Clearing Requirement Mandate?
EUR HICPxT Up to 30Y Not mandated for clearing by the CFTC.
FRF CPIxT Up to 30Y Not mandated for clearing by the CFTC.
GBP RPI Up to 50Y Not mandated for clearing by the CFTC.
USD CPI Up to 30Y Not mandated for clearing by the CFTC.
 

Basis Overnight / IBOR

  Index  Maturity Under Clearing Requirement Mandate?
AUD BBSW vs AONIA Up to 5.5Y Not mandated for clearing by the CFTC.
EUR EURIBOR vs EONIA Up to 51Y Not mandated for clearing by the CFTC.
GBP LIBOR vs. SONIA Up to 51Y Not mandated for clearing by the CFTC.
USD LIBOR vs. USD-FedFunds-H15 Up to 31Y Not mandated for clearing by the CFTC.
USD LIBOR vs. SOFR Up to 51Y Not mandated for clearing by the CFTC.
USD Federal Funds - H.15-OIS-COMPOUND vs SOFR Up to 31Y Not mandated for clearing by the CFTC.
  FRA (Forward Rate Agreement)
   Index Maturity Term  Under Clearing Requirement Mandate?
CHF LIBOR Up to 3Y, 3M Up to 375d Not mandated for clearing by the CFTC.
CZK PRIBOR Up to 3Y, 3M Up to 375d Not mandated for clearing by the CFTC.
DKK CIBOR2-DKNA13 Up to 3Y, 3M Up to 375d Not mandated for clearing by the CFTC.
EUR LIBOR Up to 3Y Up to 375d Not mandated for clearing by the CFTC.
EURIBOR-Reuters Up to 3Y, 3M Up to 375d Mandated for clearing by the CFTCand the CSA (Canada) if residual term to maturity is between 3 days and 3 years.
GBP LIBOR Up to 3Y, 3M Up to 375d Mandated for clearing by the CFTC and the CSA (Canada) if residual term to maturity is between 3 days and 3 years.
HUF BUBOR Up to 3Y, 3M Up to 375d Not mandated for clearing by the CFTC.
JPY LIBOR Up to 3Y, 3M Up to 375d Mandated for clearing by the CFTC if residual term to maturity is between 3 days and 3 years.
NOK NIBOR Up to 3Y, 3M Up to 375d Mandated for clearing by the CFTC if residual term to maturity is between 3 days and 2 years.
PLN PLN-WIBOR Up to 3Y, 3M Up to 375d 3 days to 2 years Mandated for clearing by the CFTC if residual term to maturity is between 3 days and 2 years.
SEK STIBOR Up to 3Y, 3M Up to 375d Mandated for clearing by the CFTC if residual term to maturity is between 3 days and 3 years.
USD LIBOR Up to 3Y, 3M Up to 375d Mandated for clearing by the CFTC and the CSA (Canada) if residual term to maturity is between 3 days and 3 years.

 

  OIS (Overnight Index Swaps)
  Index Maturity Under Clearing Requirement Mandate?
AUD AONIA Up to 5.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 2 years.
CAD CORRA Up to 2Y, 3M Mandated for clearing by the CFTC and the CSA (Canada) if swap residual maturity is between 7 days to 2 years.
CHF SARON Up to 31Y Not mandated for clearing by the CFTC.
EUR EONIA Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 7 days and 3 years.
GBP SONIA Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 7 days and 3 years.
JPY TONA Up to 31y Not mandated for clearing by the CFTC.
USD FEDFUNDS Up to 31Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 7 days and 3 years.
USD SOFR Up to 51Y Not mandated for clearing by the CFTC.

 

  VNS (Variable Notional Swaps)
  Index Maturity Under Clearing Requirement Mandate?
AUD BBR-BBSW Up to 31Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years.
CAD BA-CDOR Up to 31Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual maturity is between 28 days to 30 years.
CHF CHF-LIBOR-BBA Up to 31Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years.
CZK CZK-PRIBOR-PRBO Up to 10.5Y Not mandated for clearing by the CFTC.
DKK DKK-CIBOR2-DKNA13 Up to 31Y Not mandated for clearing by the CFTC.
EUR LIBOR Up to 51Y Not mandated for clearing by the CFTC.
EURIBOR-Telerate
EURIBOR-Reuters
Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 28 days and 50 years.
GBP LIBOR Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 28 days and 50 years.
HKD HKD-HIBOR-HKAB
HKD-HIBOR-ISDC HKD-HIBOR-HIBOR
Up to 10.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
HUF HUF-BUBOR-Reuters Up to 10.5Y Not mandated for clearing by the CFTC.
JPY LIBOR Up to 41Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years.
NOK NIBOR-NIBR
NIBOR-OIBOR
Up to 15.5Y

Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.

NZD NZD-BBR-FRA
NZD-BBR-Telerate
Up to 15.5Y Not mandated for clearing by the CFTC.
PLN WIBOR-WIBO Up to 15.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
SEK STIBOR-SIDE Up to 31Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 15 years.
SGD SGD-SOR-VWAP Up to 10.5Y Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
USD LIBOR Up to 51Y Mandated for clearing by the CFTC and the CSA (Canada) if swap residual term to maturity is between 28 days and 50 years.
ZAR ZAR-JIBAR-SAFEX Up to 10.5Y Not mandated for clearing by the CFTC.

In addition to the swaps classes, indexes and maturities listed above, we describe below the trade characteristics eligible for clearing by SwapClear for each class of swap.

IRS ZC BASIS

Fixed-Float
Single Currency
Front and/or Back Stubs
Constant Notional
Forward Starting
Spread on floating leg
Non-standard Maturities 
Initial Fixing Rate
Up to 6 additional payments
Negative float & fixed rates
Compounding (Flat or Straight)
Many reset & payment frequency option
All relevant day count fractions
Backloading
 

 

Fixed-Float
ZC on fixed led, floating leg or both legs
Single Currency
Constant Notional
Forward Starting
Spread on floating leg
Non-standard Maturities
Front or Back Stubs
Initial Fixing Rate
Up to 6 additional payments
Negative float & fixed rates
Compounding (Flat or Straight)
Many reset & payment frequency option
All relevant day count fractions
Backloading
Float-Float
Single Currency
Basis across indices and/or tenors
Front and/or Back Stubs
Forward Starting
Spread on floating leg(s)
Non-standard Maturities
Initial Fixing Rate
Up to 6 additional payments
Negative float & fixed rates
Compounding (Flat or Straight)
Many reset & payment frequency option
All relevant day count fractions
Backloading
OIS FRA VNS

Fixed-Float
Single Currency
Constant Notional
Daily Compounding
Forward Starting
Non-standard Maturities
Front or Back Stubs
Up to 6 additional payments
Negative float & fixed rates
Yearly or ZC payment frequency

Spread on Floating Leg
All relevant day count fractions
Backloading

Single Currency
Negative float & fixed rates
ISDA 2006
Non-standard Maturities
Fixed-Float
Single Currency
Variable Notional and/or Spread and/or Fixed Rate
Forward Starting
Spread on floating leg
Non-standard Maturities
Front or Back Stubs
Initial Fixing Rate
Up to 6 additional payments
Negative float & fixed rates
Compounding (Flat or Straight)
Many reset & payment frequency option
All relevant day count fractions
Backloading
ZCIIS
(Zero Coupon Inflation Indexed Swap)
Additional Payment            
Backloading            
Compounding on Fixed Leg (Annual)            
Constant Notional            
Modified Following Business Day Convention
Negative Fixed rate            
Non-standard fixing index interpolation method        
Non-Standard Inflation Index Lags            
Single Currency            
Spot Starting