RBS to provide U.S. clients with LCH.Clearnet's SwapClear FCM service

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RBS to provide U.S. clients with LCH.Clearnet's SwapClear FCM service

RBS Securities Inc. (RBSSI) announced that it has become a clearing member of LCH.Clearnet's SwapClear FCM service for U.S. clients, a new offering launched on March 8th. RBSSI has been a Futures Commission Merchant (FCM) for 25 years in the US, while The Royal Bank of Scotland plc is a founding member of LCH.Clearnet's Swapclear service (established in 1999).

14 March 2011

SwapClear currently has 37 clearing members and its portfolio contains 1.7 million trades with a notational value in excess of $250 trillion.

This new service enables U.S. interest rate swap (IRS) customers to access RBSSI's FCM service to clear over-the-counter (OTC) IRS trades, while benefiting from reduced counterparty risk, default protection, and the proven default management expertise of LCH.Clearnet. RBSSI's participation in SwapClear's FCM service also enables its U.S. clients to better prepare for the regulatory impact of the Dodd-Frank Act.

"We are excited to expand our relationship with LCH.Clearnet through its SwapClear FCM service, and provide our U.S. clients with access to one of the market's leading clearing platforms," said Jeremy Wright, Global Head of Futures and Counterparty Clearing at RBS. "With SwapClear, we are not only able to provide our U.S. clients with risk mitigation, but we can also help them prepare for changes taking place across the regulatory landscape."

RBS remains committed to servicing its clients' needs for clearing in light of recent regulatory developments and offering access to all OTC cleared products in conjunction with its Prime Services business. This latest offering further builds on last November's announcement in which RBSSI became a clearing member of the CME for clearing OTC IRS trades for U.S. clients.

Media Enquiries:

The Royal Bank of Scotland
Michael Geller
+1 203.897.3579
michael.geller@rbs.com

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