CurveGlobal®

Clearing CurveGlobal® listed STIRs and LTIRs at LCH

Clearing CurveGlobal® interest rates futures at LCH

CurveGlobal® is an interest rate derivatives platform that offers trading of interest rate derivatives in a range of listed short-term interest rate (STIRs) and long-term interest rate (LTIRs) derivatives denominated in Euro and Sterling.

Trading takes place on London Stock Exchange Derivatives Market, a recognised investment exchange. STIRs and LTIRs executed at CurveGlobal® can be submitted to LCH for clearing, offering margin efficiencies for clearing participants' portfolios.

CurveGlobal® is a venture between the London Stock Exchange Group (LSEG), a number of leading dealer banks.

What We Clear

LCH clears both short-term interest rate (STIRs) and long-term interest rate (LTIRs) derivatives denominated in Euro and Sterling listed on CurveGlobal®.

 

Short Term Interest Rate (STIR) Futures eligible for clearing at LCH:

  • 3 month Euribor Futures – cash settled
  • 3 month Sterling Futures – cash settled
  • CurveGlobal® Three Month SONIA Futures – cash settled

 

Medium and Long Term Interest Rate (LTIR) Futures eligible for clearing at LCH:

  • Schatz Futures – 2 year Bond Future
  •  Bobl Futures – 3-5 year Bond Future
  •  Bund Futures – 10 year Bond Future
  • Gilt Futures.
Volumes & End of Day Prices

CurveGlobal® prices

View the prices for CurveGlobal®-executed STIRs and LTIRs for the most recent trading day.

CurveGlobal® Data

View the daily volume data for CurveGlobal®-executed STIRs and LTIRs for the most recent trading day.

Essentials

 

Submitting STIRs and LTIRs executed on CurveGlobal for clearing at LCH could not be simpler.

Following trade completion and confirmation, listed rates futures transactions are routed to LCH by the SYNɑPSE platform.

After reaching the clearing house, our proprietary PAIRs margin methodology calculates the collateral required to be posted against the trade. All variation margin calls are handled through LCH’s Collateral Management System.

SYNɑPSE

The CurveGlobal® market is cleared at LCH using SYNɑPSE, a strategic derivatives clearing platform which gives members the benefit of one consolidated, consistent and comprehensive Listed Derivatives platform using FIXML industry standard messaging.

Membership

Clearing CurveGlobal® products at LCH

The process for extending an LCH clearing membership at another of our clearing services to include our Listed Rates products is swift and straightforward.   

  1. Extend your LCH clearing membership to Listed Rates
  2. Connect to the Synapse Clearing GUI for efficient trade and position management
  3. Connect to an Exchange partner – CurveGlobal®
  4. Test & Go Live – then you’re all set.

 

Existing clearing members wishing to clear CurveGlobal® please contact: listedratesmembershipsales@lch.com

 

Current Membership

Existing Clearing Members clearing Listed Rates at LCH are:

  • BNP Paribas Securities Services
  • Barclays Bank plc
  • Citigroup Global Markets Ltd
  • ED&F Man Capital Markets Limited
  • G H Financials Limited
  • Goldman Sachs Bank USA
  • Goldman Sachs International
  • JPMorgan Securities plc
  • Marex Financial Limited
  • Merrill Lynch International
  • Nomura International plc
  • Société Générale International Limited
  • The Royal Bank of Scotland plc
Resources

CurveGlobal® Major Vendors 

All major vendors have CurveGlobal® clearing capability. Click below to learn more about LCH’s major vendor partners:

 

Single Rates Default Fund and Default Management

LCH Listed Rates and SwapClear – LCH’s interest rate swap clearing service – share a single interest rate derivatives default fund and share default management procedures.

Our “two asset classes – one default fund” model enables cleared swaps and futures to be portfolio margined against each other using tools such as LCH Spider.

Learn more 

 

CurveGlobal®

Learn more about executing at CurveGlobal® and the listed rates products available for trading on the venue