Mizuho Bank has gone live on LCH SwapAgent as a member, having processed its first cross-currency swap through the service.
As part of the move, Mizuho Bank will be able to benefit from SwapAgent’s offering including centralised trade processing and optimisation.
“Joining SwapAgent as a member is crucial for us to be able to offer our own clients an enhanced service that improves standardisation and efficiency in the cross-currency swap market, as well as reduces operational and credit risk. We look forward to unlocking these capabilities through SwapAgent,” said Kenichiro Kobayashi, head of Europe Treasury department, operating officer at Mizuho.
SwapAgent offers solutions targeting improved standardisation, efficiency and simplicity in the non-cleared derivatives market.
In February, TD Securities joined LCH SwapAgent as first Canadian bank member. Today, 47 dealer entities from 15 countries are currently live at SwapAgent, LCH confirmed.
“As financial institutions across Asia and Japan increasingly seek to benefit more from robust risk management and capital efficiencies, we remain committed to offering our members the processing, margining and settlement benefits that SwapAgent brings,” said Nathan Ondyak, head of SwapAgent at LCH.