An US style client clearing model designed to cut capital costs for major banks has gone live at London Clearing House's (LCH) SwapClear service in Europe.
Futures Industry Association (FIA) has launched a client clearing model at LCH’s SwapClear service, offering a European alternative that mirrors key features of the US futures commission merchant (FCM) model. The European Agent Trustee Model (EATM) has gone live under English law The European Agent Trustee Model (EATM) has gone live under English law after a five-year development process involving FIA, major bank clearing members, LCH Ltd, Eurex Clearing and external legal counse