SwapAgent Completes First GBP/USD Compression Run

LSEG says its Post Trade Solutions business, which is made up of the combined units of Quantile, Acadia and SwapAgent, has successfully completed its first GBP/USD multilateral compression run at the latter, its service for the non-cleared derivatives market.

Initially launched in 2024 with EUR/USD currency pairs, the service has now been expanded to include GBP/USD, accounting for approximately 75% of SwapAgent trading activity in total. This development enables participants to target the majority of cross currency swaps and directly responds to the needs of market participants, LSEG says.  

The service enables participants to draw directly from a single, data store, thus eliminating reliance on third parties and streamlining the entire compression process. By targeting a segment of the inter-dealer cross currency market serviced by SwapAgent, the service enables compression across a broad portion of participants’ portfolios.

“At Post Trade Solutions, we are continually looking for ways to improve the post trade landscape and enhance our services as the market evolves,” says Andrew Williams, CEO of Post Trade Solutions, LSEG. “Adding multilateral compression runs to currency pairs at SwapAgent that are most demanded by our network provides customers with material gross notional reduction while increasing efficiency. We have already seen good adoption of the service, and we look forward to delivering more compression at SwapAgent as the network grows.’’