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	BBSW	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 16Y	Not mandated for clearing by the CFTC.
DKK	CIBOR CIBOR2	Up to 31Y	Not mandated for clearing by the CFTC.
EUR	EURIBOR	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	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.
HUF	BUBOR	Up to 21Y	Not mandated for clearing by the CFTC.
ILS	TELBOR	Up to 11Y	Not mandated for clearing by the CFTC.
MXN	TIIE	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	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years, for IRS/ZC only.
NZD	BKBM-FRA	Up to 31Y	Not mandated for clearing by the CFTC.
PLN	WIBOR	Up to 16Y	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.
USD	BSBY*	Up to 11Y	Not mandated for clearing by the CFTC.
ZAR	JIBAR	Up to 31Y	Not mandated for clearing by the CFTC.

As set out more fully in our Rulebook, we accept a limited sub-set of Legacy LIBOR IRS contracts denominated in USD, CHF, GBP and JPY.

		ND IRS (Non Deliverable Interest Rate Swaps)
	Index	Maturity	Under Clearing Requirement Mandate?
BRL	CDI	Up to 11Y	Not mandated for clearing by the CFTC.
CLP	ICP	Up to 15.5Y	Not mandated for clearing by the CFTC.
CNY	CNY-Fixing Repo Rate	Up to 5.5Y	Not mandated for clearing by the CFTC.
COP	IBR	Up to 15.5Y	Not mandated for clearing by the CFTC.
INR	MIBOR	Up to 11Y	Not mandated for clearing by the CFTC.
KRW	CD 91D	Up to 21Y	Not mandated for clearing by the CFTC.
THB	THOR	Up to 11Y	Not mandated for clearing by the CFTC.
TWD	TAIBOR	Up to 11Y	Not mandated for clearing by the CFTC.

	Inflation ZCIIS and Standard Coupon Inflation Swaps
	Index	Maturity	Under Clearing Requirement Mandate?
EUR	HICPxT	Up to 50Y	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 31Y	Not mandated for clearing by the CFTC.
EUR	EURIBOR vs. EuroSTR	Up to 51Y	Not mandated for clearing by the CFTC.
HKD	HIBOR vs. HONIA	Up to 11Y	Not mandated for clearing by the CFTC.
NZD	BKBM FRA vs. NZIONA	Up to 11Y	Not mandated for clearing by the CFTC.
USD	BSBY vs. SOFR	Up to 11Y	Not mandated for clearing by the CFTC.
USD	USD-Federal Funds-OIS-COMPOUND vs. SOFR	Up to 51Y	Not mandated for clearing by the CFTC.
USD	USD-Federal Funds vs. SOFR	Up to 51Y	Not mandated for clearing by the CFTC.
USD	SOFR vs. SOFR	Up to 51Y	Not mandated for clearing by the CFTC.

	FRA (Forward Rate Agreement)
	Index	Maturity	Term	Under Clearing Requirement Mandate?
CZK	PRIBOR	Up to 3Y, 3M	Up to 375d	Not mandated for clearing by the CFTC.
DKK	CIBOR2	Up to 3Y, 3M	Up to 375d	Not mandated for clearing by the CFTC.
EUR	EURIBOR	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.
ILS	TELBOR	Up to 3Y, 3M	Up to 115d	Not mandated for clearing by the CFTC.
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	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.

	OIS (Overnight Index Swaps)
	Index	Maturity	Under Clearing Requirement Mandate?
AUD	AONIA	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 2 years.
CAD	CORRA	Up to 41Y	Mandated for clearing by the CFTC and the CSA (Canada) if swap residual maturity is between 7 days and 2 years.
CHF	SARON	Up to 31Y	Mandated for clearing by the CFTC if swap residual maturity is between 7 days and 30 years.
EUR	EuroSTR	Up to 51Y	Mandated for clearing by the CFTC if swap residual maturity is between 7 days and 3 years.
DKK	DESTR	Up to 11Y	Not mandated for clearing by the CFTC.
GBP	SONIA	Up to 51Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 50 years.
HKD	HONIA	Up to 11Y	Not mandated for clearing by the CFTC.
ILS	SHIR	Up to 11Y	Not mandated for clearing by the CFTC.
JPY	TONA	Up to 41y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 30 years.
NOK	NOWA	Up to 16Y	Not mandated for clearing by the CFTC.
NZD	NZIONA	Up to 11Y	Not mandated for clearing by the CFTC.
SEK	SWESTR	Up to 11Y	Not mandated for clearing by the CFTC.
SGD	SORA	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 10 years.
USD	FEDFUNDS	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.
USD	SOFR	Up to 51Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 50 years.
ZAR	ZARONIA	Up to 31Y	Not mandated for clearing by the CFTC.

	VNS (Variable Notional Swaps)
	Index	Maturity	Under Clearing Requirement Mandate?
AUD	BBSW	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 30 years.
AUD	AONIA	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 2 years.
CAD	CORRA	Up to 41Y	Mandated for clearing by the CFTC and the CSA (Canada) if swap residual maturity is between 7 days and 2 years.
CHF	SARON	Up to 31Y	Mandated for clearing by the CFTC if swap residual maturity is between 7 days and 30 years.
CZK	PRIBOR	Up to 16Y	Not mandated for clearing by the CFTC.
DKK	CIBOR2	Up to 31Y	Not mandated for clearing by the CFTC.
DKK	DESTR	Up to 11Y	Not mandated for clearing by the CFTC.
EUR	EURIBOR	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.
EUR	EuroSTR	Up to 51Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 3 years.
GBP	SONIA	Up to 51Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 50 years.
HKD	HIBOR	Up to 15.5Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
HKD	HONIA	Up to 11Y	Not mandated for clearing by the CFTC.
HUF	BUBOR	Up to 21Y	Not mandated for clearing by the CFTC.
ILS	TELBOR	Up to 11Y	Not mandated for clearing by the CFTC.
ILS	SHIR	Up to 11Y	Not mandated for clearing by the CFTC.
JPY	TONA	Up to 41y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 30 years.
NOK	NIBOR	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
NOK	NOWA	Up to 16Y	Not mandated for clearing by the CFTC.
NZD	BKBM FRA	Up to 31Y	Not mandated for clearing by the CFTC.
NZD	NZIONA	Up to 11Y	Not mandated for clearing by the CFTC.
PLN	WIBOR	Up to 16Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 10 years.
SEK	STIBOR	Up to 31Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 28 days and 15 years.
SEK	SWESTR	Up to 11Y	Not mandated for clearing by the CFTC.
SGD	SORA	Up to 31Y	Mandated for clearing by the CFTC is swap residual term to maturity is between 7 days and 10 years.
USD	FEDFUNDS	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.
	SOFR	Up to 51Y	Mandated for clearing by the CFTC if swap residual term to maturity is between 7 days and 50 years.
	BSBY	Up to 11Y	Not mandated for clearing by the CFTC.
ZAR	JIBAR	Up to 31Y	Not mandated for clearing by the CFTC.
ZAR	ZARONIA	Up to 31Y	Not mandated for clearing by the CFTC.

As set out more fully in our Rulebook, we accept a limited sub-set of Legacy LIBOR VNS contracts denominated in USD.

In addition to the swap 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 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 options All relevant day count fractions Backloading Effective date with adjusted business convention	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 options 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 options All relevant day count fractions Backloading
OIS	FRA	VNS
Fixed-Float Single Currency Daily Compounding Forward Starting Non-standard Maturities Front and/or Back Stubs Up to 6 additional payments Negative float & fixed rates Spread on Floating Leg All relevant day count fractions Backloading ZC with either fixed rate or known amount	Single Currency Negative float & fixed rates 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 options All relevant day count fractions Backloading
ZCIIS (Zero Coupon Inflation Indexed Swap)		Standard Coupon Inflation Swaps
Additional Payment Backloading Compounding on Fixed Leg (Annual) Constant Notional Negative Fixed rate Non-standard fixing index interpolation method Non-Standard Inflation Index Lags Single Currency Spot Starting Known Amount on the Fixed Leg (no Fixed Rate)		Backloading Constant Notional Negative Fixed rate ParPar and Proceeds Single Currency Spot Starting Up to 6 additional payments

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