SwapClear trades are largely unique, so trade netting not so easy: wp.me/p1H7fz-2L

What this means is that rate swaps are customised in nearly all cases, making netting of trades with identical economics rare.

Although, it still means a buy-side firm could trade out of a position by booking an identical offsetting trade and seeing SwapClear net it down. No more awkward de-clears.