LCH SwapClear now offers Malaysian Ringgit-denominated non-deliverable interest rate swaps (MYR NDIRS).
Malaysian banks CIMB and Maybank have already cleared the product, with HSBC acting as a clearing broker.
Chu Kok Wei, CEO of group wholesale banking at CIMB, commented: “This milestone underscores the evolution of Malaysia’s financial markets and reflects our commitment to driving innovation and efficiency in the region. This new capability not only enhances our risk management toolkit, but also strengthens Malaysia’s position as a regional hub for capital market activity. We look forward to working closely with our clients, regulators, and international partners to deepen liquidity and elevate the Malaysian Ringgit’s relevance in global portfolios.”
“This paves the way for more efficient interest rate hedging and risk management,” added Clement Cordier, head of derivatives clearing services at HSBC.
Client and clearing member interest in APAC means that 11 of the 28 currencies LCH SwapClear covers are domiciled in the region. Notional registration volumes for these currencies grew 165% between 2021 and 2024, the company said, reaching US$166.8 trillion.
Globally, LCH SwapClear provides access to 95% of all vanilla over-the-counter interest rate swap products.
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