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Mizuho Bank joins LCH SwapAgent


25 July 2024 UK, Japan
Reporter: Daniel Tison

Generic business image for news article
Image: alan/stock.adobe.com
Mizuho Bank, headquartered in Japan, has become the latest member of LCH SwapAgent, and processed its first cross-currency swap through the service.

SwapAgent provides centralised trade processing, margining and settlement of non-cleared derivatives.

Its reach covers 47 members from 15 countries, according to the London Clearing House (LCH) Group.

Since its launch in 2017, the service has registered US$17 trillion in notional, based on data from Q2 2024.

Nathan Ondyak, head of LCH SwapAgent, says: 鈥淎s financial institutions across Asia and Japan increasingly seek to benefit more from robust risk management and capital efficiencies, we remain committed to offering our members the processing, margining and settlement benefits that SwapAgent brings.鈥

Kenichiro Kobayashi, head of Europe Treasury Department and operating officer at Mizuho Bank, adds: 鈥淛oining SwapAgent as a member is crucial for us to be able to offer our own clients a service that improves standardisation and efficiency in the cross-currency swap market, as well as reduces operational and credit risk.鈥
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