LCH.Clearnet is targeting to begin clearing interest rate swaps in the U.S. in February, Financial Times reports. Pending approval from the U.K.’s Financial Services Authority, the clearinghouse’s SwapClear unit will start offering clearing of swaps to asset managers, hedge funds and other non-bank users in the U.S. The firm appointed Floyd Converse, an ex-Merrill Lynch banker, to lead sales and marketing at SwapClear, based in New York. CME Group had launched interest rate swaps clearing in October, while International Derivatives Clearing House, controlled by Nasdaq OMX, has also launched a service.
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