LCH Said to Seek Exemption From U.S. Rule for Swap-Clearing Time
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LCH.Clearnet Group Ltd. asked to be exempted from a rule taking effect next week requiring the largest clearer of interest-rate swaps between banks and their customers to confirm trades in less than 60 seconds.
LCH.Clearnet is seeking the relief as it switches from a system in which trades are processed every 15 minutes, according to two people familiar with the situation who declined to be identified because the matter is private. Clearinghouses must meet the limit by Oct. 1, Ananda Radhakrishnan, director of the Commodity Futures Trading Commission’s division of clearing and risk, told executives at the largest firms in an Aug. 31 e-mail.