LCH SwapAgent today announces it has processed its first EUR/USD cross-currency swap under a DRV German Master Agreement governed by German law. Unicredit Bank AG and Commerzbank AG were the counterparties to the trade.
Extending its rulebook to support the DRV German Master Agreement underlines LCH SwapAgent’s commitment to supporting the requirements of the German market, fully integrated within the global SwapAgent service. This follows the extension of the service to support the FBF/AFB Master Agreement under French law, announced in February 2022.
Nathan Ondyak, Global Head of LCH SwapAgent, said:
“We welcome the first trade by Unicredit Bank AG and Commerzbank AG under the DRV German Master Agreement. Extending LCH SwapAgent’s services further demonstrates our commitment to improving standardisation and efficiency…