LSEG announces that Royal Bank of Canada (RBC) has joined LCH CDSClear as the first Canadian clearing member, providing them access to the broadest range of credit products “eligible for clearing, enabling them to benefit from margin and operational efficiencies across their CDS portfolio.”
RBC joining CDSClear, as a market maker “in both European and US indices, allows them to benefit from a growing pool of CDS liquidity.”
LCH CDSClear has seen significant growth this year so far and “registered record clearing volumes for US$ and EUR Indices inQ1 2025.”
A record US$1tn of CDX and iTraxx indices notional was “cleared in Q1 2025, up 332% vs Q1 2024.”
A record €1.58trn of European iTraxx indices notional “was also cleared, up 52% vs Q1 2024.”
Marcus Robinson, Head of CDSClear and DigitalAssetClear, LCH, said:
“We are delighted to welcome RBC as our first Canadian clearing member, and for the bank to be part of our significant growth journey at CDSClear. We are committed to increasing the level of choice market participants have in CDS clearing and are proud to offer an international clearing member such as RBC access to our broad range of CDS products and access to trade with members and clients across the globe.”
Santosh Sateesh, MD, Global Head of Credit Derivatives Trading, RBC said:
“We are proud to be a part of the growing service at LCH CDSClear, with capability to clear a wide range of credit derivative products while achieving significant risk management efficiencies. This move demonstrates our commitment to our clients across the globe.”
In recent years, LCH CDSClear has “extended its product offering to include Asian and Emerging Market indices and their Single Names, as well as Sovereign Single Names, and clearing for iTraxx Australia Indices and their Single Name constituents.”
LCH CDSClear also expanded its client clearing services “to US credit derivatives market participants in 2024.”
