A financial derivative contract in which two parties exchange interest rate cash flows, based on a specified principal amount from different interest rate indices.
Changes include extending the maximum tenor of interest rate swap contracts to 30 years and adding one-year Loan Prime Rate into the floating reference rate options
Marex says this move addresses a gap in the market and responds to client demand for greater counterparty risk diversification and improved market connectivity
The move marks United Overseas Bank as the first bank in Southeast Asia to join as a direct member of ForexClear LCHs solution for non-deliverable and deliverable foreign exchange
UOB is the first Southeast Asian bank to join ForexClear as a direct member, and is the final Singapore local banking group to join as a direct member of SwapClear
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