Four more join OTCDerivNet

Four more join OTCDerivNet

BNP Paribas, Morgan Stanley, The Royal Bank of Scotland and UBS Warburg have joined OTCDerivNet, the dealer-backed consortium which was established to provide strategic direction and finance for the development of the LCH SwapClear service.

The new recruits join OTCDerviNet founder members Bank of America, Barclays, Citibank/ Schroder Salomon Smith Barney, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Merrill Lynch and Société Générale.

An OTCDerivNet spokesperson says the new members add further critical mass to LCH SwapClear, which is bidding to carve out a role as the central counterparty for the OTC interest rate market.

David Hardy, LCH’s chief executive says: "This development reinforces LCH SwapClear as an integral element of the derivatives’ market infrastructure."

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