Anglo-French clearing house LCH.Clearnet saw a surge in clearing of interest rate swaps last month as the first deadline for mandatory clearing under the Dodd-Frank financial reform act approaches on March 11.

LCH.Clearnet said in a statement yesterday that SwapClear, its global interest rate swaps unit, cleared a new high of more than $22 trillion in notional interest rate derivatives for buyside clients last month. A total of 73 buyside clients cleared 7,650 trades in 15 different currencies.