Barclays has cleared more than $1 trillion notional of interest rates, credit and FX OTC derivatives transactions on behalf of its clients.
Barclays’s $1 trillion of cleared notional transactions include 11,000 derivatives contracts executed by regional banks, investment managers, pension funds, insurance, hedge funds and government agencies.
The transactions, which covered eight currencies, four high-yield indices and nine investment grade indices, were cleared on clearinghouses, including LCH.Clearnet’s SwapClear and IntercontinentalExchange’s ICE Clear Credit.
Michael Yarian, the head of agency derivatives services at Barclays, said: “Barclays has a very strong commitment to helping drive industry solutions significantly ahead of deadlines for regulatory change, and to providing the best possible clearing capabilities.”
“We are therefore very pleased to have achieved this milestone. The investments that we have made in our platform have allowed us to provide scale quickly and easily for clients who are voluntarily moving to a centrally-cleared business model.”
Ray Kahn, the head of OTC derivatives clearing at Barclays, said: “While this volume of clearing is significant, we believe it is only a very small portion of what will be cleared as regulatory deadlines approach and more clients move to a centrally-cleared model.”
“To successfully achieve the automation and straight-through processing needs of central clearing, industry participants need to make significant investments in infrastructure and testing. Our work over the past two years allows us to provide practical solutions to our clients.”
