LCH SwapAgent processes first trade under DRV German Master Agreement

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  • Commerzbank AG and Unicredit Bank AG acted as counterparties to the cross-currency swap 
  • Extension of the LCH SwapAgent rulebook highlights commitment to standardisation, efficiency and simplicity in the bilateral derivatives market 
  • LCH SwapAgent registered $7.5 trillion in notional by the end of 2022, up 105% from 2021 

LCH SwapAgent today announces it has processed its first EUR/USD cross-currency swap under a DRV German Master Agreement governed by German law. Unicredit Bank AG and Commerzbank AG were the counterparties to the trade. 

Extending its rulebook to support the DRV German Master Agreement underlines LCH SwapAgent’s commitment to supporting the requirements of the German market, fully integrated within the global SwapAgent service. This follows the extension of the service to support the FBF/AFB Master Agreement under French law, announced in February 2022.  

Nathan Ondyak, Global Head of LCH SwapAgent, said: “We welcome the first trade by Unicredit Bank AG and Commerzbank AG under the DRV German Master Agreement. Extending LCH SwapAgent’s services further demonstrates our commitment to improving standardisation and efficiency and reducing risk in the global non-cleared derivatives market. 

Thomas Rösner, Head of Financial Markets Rates, Commerzbank AG, said: “We are pleased to have used LCH SwapAgent to facilitate the execution of a DRV transaction for the first time. The service provides increased standardisation allowing us to offer further liquidity in the cross-currency swap market to our clients.” 

Pierrick Fenon, Head of Flow Rates Derivatives Trading, Unicredit Bank AG, said: “Simplification of trade processing and increased optimisation improves the efficiency of the bilateral derivatives market. We are delighted to have taken part in this milestone first with LCH SwapAgent.”  

LCH SwapAgent services 37 derivative counterparties across EMEA, the US and Asia Pacific, processing over $7.5 trillion in notional volume since launch. 2022 marked a record year for LCH SwapAgent with $1.0 trillion of swaption notional registered and $2.7 trillion of cross currency notional registered.  

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For further information 
Nandeep Roopray / Harriet Leatherbarrow 
Tel: +44 (0)20 7797 1222 

About LCH 
LCH Limited and LCH S.A. (collectively, “LCH”) are leading multi-asset clearing houses that provide proven risk management capabilities across a range of asset classes. As demand for robust clearing services continues to grow, LCH is committed to maintaining the highest standards of risk management across all our services.  

As the markets’ partner, LCH operates an open access model, offering a choice of execution venues, delivering extensive choice and efficiencies to the marketplace.  

LCH operates clearing houses incorporated in the UK and France, with offices in the United States and the Asia Pacific region. It offers clearing services across asset classes, including OTC and listed rates; CDS and FX; fixed income; commodities; cash equities and equity derivatives. In addition, SwapAgent Limited serves the non-cleared derivatives market through its SwapAgent service, which extends a number of the efficiencies applicable to clearing to the market, without acting as a central counterparty.  

LCH Limited, LCH S.A. and SwapAgent Limited are each majority owned by London Stock Exchange Group PLC (LSEG.L), an international markets infrastructure business that sits at the heart of the world's financial community. 

Further information on LCH can be found at