KfW completes first euro CSA trades via SwapAgent
12 December 2024 Germany
Image: nmann77/stock.adobe.com
KfW, a German state-owned bank, has executed its first euro credit support annex (CSA) trades via LCH’s SwapAgent service.
According to LCH, these were also the first euro CSA trades transacted by BNP Paribas, Danske Bank, Deutsche Bank, and HSBC, with an external counterparty at SwapAgent, and the first settle-to-market (STM) trades for KfW.
“Participating in SwapAgent is an important step for KfW to help promote the use of euro as the collateral currency for our derivatives portfolio,” says Stephan Blanke, head of derivatives at KfW.
He adds that SwapAgent brings operational efficiency and standardisation to cross-currency hedging activities.
Nathan Ondyak, global head of SwapAgent at London Stock Exchange Group (LSEG) Post Trade, comments: “We are thrilled to be expanding standardisation to even more participants in the bilateral derivatives market, which is helping to reduce trading frictions.
“It’s exciting to see KfW continue its journey at SwapAgent, and we look forward to further collaboration with our German partners.”
According to LCH, these were also the first euro CSA trades transacted by BNP Paribas, Danske Bank, Deutsche Bank, and HSBC, with an external counterparty at SwapAgent, and the first settle-to-market (STM) trades for KfW.
“Participating in SwapAgent is an important step for KfW to help promote the use of euro as the collateral currency for our derivatives portfolio,” says Stephan Blanke, head of derivatives at KfW.
He adds that SwapAgent brings operational efficiency and standardisation to cross-currency hedging activities.
Nathan Ondyak, global head of SwapAgent at London Stock Exchange Group (LSEG) Post Trade, comments: “We are thrilled to be expanding standardisation to even more participants in the bilateral derivatives market, which is helping to reduce trading frictions.
“It’s exciting to see KfW continue its journey at SwapAgent, and we look forward to further collaboration with our German partners.”
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