The over-the-counter derivatives markets represent a vast and coveted business opportunity for clearing houses, with notional exposures in excess of $284 trillion (€227 trillion).

Until recently, LCH.Clearnet was the only European provider of central counterparty services to the OTC market in the repurchase and interest-rate swap agreement markets. Its repo service clears volumes in excess of €7 trillion each month and its notional swaps portfolio hit the $62 trillion mark at the end of June. It has added clearing for some segments of the OTC freight, power, energy, emissions, commodities and equity derivatives markets.