A record number of over-the-counter interest rate swap trades were cleared in Q2 2010 by LCH.Clearnet’s IRS clearing service SwapClear. 

The total number of trades for the quarter reached 191,694 trade sides, a 30 per cent increase on Q2 2009, driven by record volumes in May of 73,440 trade sides. 

The increased figures bring the total outstanding amount of IRS transactions to USD224.6trn.

Established over ten years ago, SwapClear’s membership has increased to 32 direct members and the product scope has grown to cover the world’s 14 largest currencies with tenors up to 50 years in USD, EUR and GBP.

SwapClear now clears over 40 per cent of the market.

Joe Reilly, director at SwapClear, says: "SwapClear was developed to provide a global solution for the IRS market. For ten years now it has delivered a secure, reliable and efficient environment for processing trades. The growing demand for the service and these impressive volumes demonstrate just how effective the SwapClear clearing model is.”