Tradition, one of the world’s largest interdealer brokers in over-the-counter commodity and financial products, has facilitated the first, brokered CAD/USD cross-currency swap trade using LCH SwapAgent.

The CAD/USD trade was executed between two parties on 22 October 2020. As an established broker with a strong global presence and connectivity, Tradition was the ideal partner to facilitate this trade.

SwapAgent is a service designed to simplify the processing, margining and settlement of non-cleared derivatives. It benefits from LCH’s expertise in serving and managing risk for the cleared Rates and FX derivatives market.

Michael Foulon, Senior Vice President of Canadian Derivatives at Tradition, commented: “As a credit to Tradition’s strong capabilities within the derivatives markets, we are delighted to facilitate the first, brokered bilateral CAD/USD swap trade. SwapAgent is a crucial service and with their efficient and simplified solutions, they are leading the way in the evolution of the uncleared derivatives market. We are constantly striving to lead the way for traders, and with this news, we continue to deliver on that promise.”

Nathan Ondyak, Global Head of LCH SwapAgent, commented: “We are pleased to have processed the first brokered CAD/USD cross-currency swap through SwapAgent. This is an important step for the non-cleared derivatives market, paving the way for greater standardisation and efficiencies for the Canadian cross-currency basis swap market.”