LCH.Clearnet just landed its first non-bank clearing member for its swaps clearing system.
Citadel Securities, a global market-maker across the equities, futures, options, treasuries, FX and swaps markets, Europe-based subsidiary is now a clearing member of LCH.Clearnet’s SwapClear, an interest rate derivatives clearing service.
In a release, Paul Hamill, global head of FICC for Citadel Securities, said, “Joining LCH.Clearnet as the first non-bank member on SwapClear marks an important milestone in the evolution of our fixed income market-making business, and the swaps market overall. Becoming a self-clearer further strengthens the foundation of the business and our commitment to the swaps market.”
Citadel Securities-through its Citadel Institutional Solutions group-provides market-making and innovative liquidity solutions for institutional clients across fixed income cash and derivative products. Since launching an interest rate swaps market-making business nearly a year ago, Citadel Securities has become a top provider of liquidity to the interdealer market, and has become the #1 market maker in USD swaps by volume on the largest dealer-to-client SEF venue operated by Bloomberg L.P.
By becoming the first non-bank clearing member of SwapClear complements the recent launching of the firm’s European fixed income market-making operations in Euro swaps and providing U.S. government bond liquidity directly to institutional investors over Bloomberg.
