SwapClear Upgrade This Weekend
LCH are upgrading SwapClear this weekend to bring new features to their FCM service, and the mysterious PEP (Product Enhancement Project). I shall have to wait for LCH to publish a press release on the details, but given the whole weekend is needed to complete the upgrade, it can’t be small.
The note below also implies that the FCM model from March this year (the T4 model) is being retired for a simpler T2 trade booking model – basically Client <-> CCP <-> Executing Broker, so easier to clear and process for everyone.
Cross your fingers it all goes fine – more than half the worlds rate swaps trades are in the system.