Tradition facilitates AUD/USD cross-currency swap trade using LCH SwapAgent

Tradition has facilitated the first, brokered AUD/USD cross-currency swap trade using LCH SwapAgent

First Published by e-Forex News: December, 2019

Tradition has facilitated the first, brokered AUD/USD cross-currency swap trade using LCH SwapAgent. The AUD/USD trade was executed between Mitsubishi UFJ Financial Group (MUFG) and another counterparty on 20 November 2019. Tradition’s global presence, market knowledge and connectivity ensured it was the ideal partner to facilitate this trade. SwapAgent is a service designed to simplify the processing, margining and settlement of non-cleared derivatives. It benefits from LCH’s expertise in serving and managing risk for the cleared Rates and FX derivatives market. Mike Hayter, Manager of the cross-currencies broking desk at Tradition, comments: “Tradition is delighted to facilitate the first, brokered bilateral AUD/USD swap trade using LCH SwapAgent. This is a crucial service that improves standardisation, introduces efficiency and reduces operational and credit risk counterparties in the non-cleared derivatives market.”