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LCH.Clearnet is to launch the planned extension of its OTC interest rate swap clearing service, SwapClear, to the broader buy-side trading community. The new client clearing service is scheduled to be launched in the second half of 2009.
SwapClear is the only clearing service for OTC interest rate swaps. It currently clears over 60%, or $85 trillion outstanding notional, of the global interbank interest rate swap market, clearing trades in 14 currencies with a tenor of up to 30 years.