DAVID WEISBROD AGENDA

摘要

The 'market infrastructure' industry, which provides all the endless plumbing and platforms necessary for the functioning of the over-the-counter (OTC) derivatives market, has been an area of immense change in the past few years. The term often conjures images of worthy but dull operations, dutifully building the services required by regulators and doing the unseen work that keeps the market running smoothly. However, it is also an area of huge innovation, from the smallest tech firm to large, established service providers. LCH.Clearnet, one of the largest OTC clearing houses in the world, certainly falls into the latter category. In April 2015, it became the first central counterparty (CCP) to launch a clearing service for inflation-linked swaps, beating its close rival Eurex to the punch. In the months since then, more than 9300 trades have been cleared, representing some $300bn in notional value. About $l6bn of that figure has come from 'client clearing', a process that allows the clients of CCP members access to clearing services via those members. Eleven of LCH's members, typically large dealer banks, initially signed up to the service, and that number has grown to 32 in the intervening months.