Clearing CurveGlobal® listed STIRs and LTIRs 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.
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:
- CurveGlobal® Three Month Euribor Futures – cash settled
- CurveGlobal® Three Month Sterling Futures – cash settled
- CurveGlobal® Three Month SONIA Futures – cash settled
- CurveGlobal® One Month SONIA Futures – cash settled
- CurveGlobal® 1 Million Three Month Sterling Futures – cash settled
- CurveGlobal® 1 Million Three Month SONIA Futures – cash settled
- CurveGlobal® 3 Million One 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
View the prices for CurveGlobal®-executed STIRs and LTIRs for the most recent trading day.
View the daily volume data for CurveGlobal®-executed STIRs and LTIRs for the most recent trading day.
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.
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.
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.
- Extend your LCH clearing membership to Listed Rates
- Connect to the Synapse Clearing GUI for efficient trade and position management
- Connect to an Exchange partner – CurveGlobal®
- Test & Go Live – then you’re all set.
Existing clearing members wishing to clear CurveGlobal® please contact: firstname.lastname@example.org
Existing Clearing Members clearing Listed Rates at LCH are:
- BNP Paribas Securities Services
- Barclays Bank Plc
- BofA Securities Europe SA
- Citigroup Global Markets Ltd
- Credit Suisse Securities (USA) LLC
- ED&F Man Capital Markets Limited
- Goldman Sachs Bank USA
- Goldman Sachs International
- JPMorgan Securities Plc
- Lloyds Bank Corporate Markets Plc
- Marex Financial Limited
- Merrill Lynch International
- NatWest Markets Plc
- Nomura International Plc
- Société Générale International Limited
- Wedbush Securities Inc
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 about executing at CurveGlobal® and the listed rates products available for trading on the venue