Tradition has facilitated the first, brokered CAD/USD cross-currency swap trade using LCH SwapAgent in late October. Tradition is a global interdealer broker in over-the-counter commodity and financial products. SwapAgent is a service designed to simplify the processing, margining and settlement of non-cleared derivatives.
Nathan Ondyak, global head of LCH SwapAgent, said in a statement: “This is an important step for the non-cleared derivatives market, paving the way for greater standardization and efficiencies for the Canadian cross-currency basis swap market.”