Nasdaq OMX Sweden starts clearing interest rate swaps
Nasdaq OMX Nordic has begun clearing interest rate swaps in Swedish Kroner, the firm announced this morning (June 22). The move presages a joint project with Swedish bank SEB and the Swedish National Debt Office, Riksgälden, to become a fully fledged CCP for Swedish IR swaps.
The bourse says it is in dialogue with all major swap dealers in Sweden's Kr30bn ($3.9bn) average daily turnover swap market. It says the move anticipates likely enforced clearing of swap trades through a CCP.
“Through the IRS central counterparty clearing offering, Nasdaq OMX is building a Nordic clearing house that covers all fixed income instruments,” said Erik Thedéen, head of Nordic fixed income and president of Nasdaq OMX Stockholm, in...