Global investment bank Nomura has confirmed its global interbank interest rate business has commenced trading through LCH.Clearnet's SwapClear platform.

Nomura is the 22nd financial institution to be given dealer status by LCH.Clearnet and is the first to represent Asia.

Kieran Higgins, co-head of fixed income, Europe, Middle East and Africa at Nomura, said that by clearing interest rate swaps through LCH.Clearnet, Nomura would benefit from lower counterparty credit and operational risk and more secure collateral handling procedures. He said: "This is a key stage in the development of Nomura's Global Rates business. LCH.Clearnet is the industry standard in clearing and counterparty services and our partnership confirms to the market that we are fully committed to the growth and global reach of our fixed income franchise."