Royal Bank of Canada (RBC) has joined UK clearinghouse LCH CDSClear as a clearing member.
The bank joins CDSClear as a market maker in both European and US indices. LCH CDSClear expanded its client clearing services to US credit derivatives participants in 2024.
This latest development follows on from RBC and its Channel Islands subsidiary joining LCH RepoClear as clearing members in 2020, with the move at the time offering RBC additional financing liquidity to support its European client activity.
Santosh Sateesh, 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.”
LCH CDSClear has extended its product offering to include APAC and emerging market indices and their single names in recent years, as well as sovereign single names.
It also now includes clearing for iTraxx Australia indices and their single name constituents.
Marcus Robinson, head of CDSClear and DigitalAssetClear at LCH, said: “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.”