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TD Bank, BMO, CIBC To Join SwapClear

Three Canadian banks are set to join LCH.Clearnet’s global clearing service for over-the-counter interest rate swaps.

    Three Canadian banks are set to joinLCH.Clearnet’s global clearing service for over-the-counter interest rate swaps,Investment Executivereports.Bank of Montreal,CIBCandTD Bankwill become members ofSwapClear, which has cleared over 1.5 million OTC swap trades since its launch in 1999.

    The move will help the banks meet new regulatory requirements related to the clearing of OTC derivatives.Royal Bank of Canadahas already joined SwapClear, which currently has 49 clearing members.

    Click here for the story fromInvestment Executive.

    Click here for additional coverage fromFinextra.

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