Mizuho Bank Joins SwapAgent

Japan’s Mizuho Bank has become the 47^th dealer entity from 15 countries to go live on LCH’s SwapAgent, by processing its first cross-currency swap through the service.

LCH says more than $17 trillion in notional has been registered at SwapAgent since it launched in 2017, adding Mizuho is now able to benefit from its centralised trade processing and optimisation.
“As financial institutions across Asia and Japan increasingly seek to benefit more from robust risk management and capital efficiencies, we remain committed to offering our members the processing, margining and settlement benefits that SwapAgent brings,” says Nathan Ondyak, head of SwapAgent, LCH.

Kenichiro Kobayashi, head of Europe treasury department, operating officer, Mizuho Bank, adds, “Joining SwapAgent as a member is crucial for us to be able to offer our own clients an enhanced service that improves standardisation and efficiency in the cross-currency swap market, as well as reduces operational and credit risk. We look forward to unlocking these capabilities through SwapAgent.”