One more step in the bilateral derivatives market standardisation with Natixis CIB

LCH SwapAgent has processed its first EUR swaption trade under an FBF/AFB master agreement governed by French law. Natixis CIB was the counterparty to the first Swaption/SwapAgent trade under the French law FBF/AFB master agreement.

The EUR swaption trade will be ESTR discounted and Euro collateralised under the SwapAgent Credit Support Annex (CSA). The SwapAgent CSA is the first widely adopted standardised CSA in the bilateral derivative market and seeks to improve efficiencies by standardising Euro collateral as variation margin for Euro swaptions. The SwapAgent standardised CSA is now in use by 33 global derivative counterparties across EMEA, the US and Asia Pacific.

The extension of the SwapAgent rulebook to support the French law FBF/AFB master agreement represents SwapAgent’s commitment to support the requirements of the French market, fully integrated within the global SwapAgent service. 

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