Commercial bank HSH Nordbank has appointed derivatives trading and clearing provider Morgan Stanley as a clearing broker. The first trade under the agreement has already been cleared. Morgan Stanley will clear HSH Nordbank’s interest rate swap business through LCH.Clearnet (LCH).
The alliance secures market access at all times and Nordbank will be well positioned for future regulatory requirements. Morgan Stanley has recently cleared some of the first over-the-counter (OTC) interest rate swap deals through LCH’s SwapClear Futures Commision Merchant (FCM) service for U.S. clients.
Click here for the release from Morgan Stanley.