LCH, a global clearing house owned by the London Stock Exchange Group, today announced that its SwapClear service has compressed over 8.4 million cleared trades. The figure represents $1 quadrillion ($1,000,000,000,000,000) in notional since it started offering compression services in 2008.
Notional outstanding now stands at $280 trillion down from an all time high of $452 trillion in November 2013.
Compression is the process by which clearing members and their clients can ‘tear-up’ offsetting trades to reduce the notional outstanding and number of line items in their portfolio.
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