SEC Security-Based Swap Dealer Regime - Right of Clearing Disclosure
Barclays Bank PLC is registered as a security-based swap dealer with the Securities and Exchange Commission (“Barclays SBSD”). As part of our trading relationship with you, Barclays SBSD has notified you of your right to elect to clear a security-based swap and to select the venue on which that security-based swap can be cleared, including via the industry-standard ISDA related multilateral and/or bilateral protocol adherence process. A Barclays SBSD’s ability to enter into a security-based swap that is intended to be cleared (an “ITBC SBS”) is contingent on the Barclays SBSD having access to clear such a trade at the clearing house/CCP that the counterparty to such trade wishes to clear at. As a result, prior to entering into an ITBC SBS, including but not limited to an ITBC SBS that is a single-name CDS, with a Barclays SBSD (and in addition to disclosing to the Barclays SBSD that such transaction should be treated as an ITBC SBS) the client-counterparty should also confirm with its relevant sales or trading contact at the Barclays SBSD that the Barclays SBSD has the necessary access to clear Barclays SBSD’s side of such ITBC SBS at the clearing house/CCP that such counterparty wishes to submit for clearing.
Barclays Bank PLC is a Member of the following CCPs which clear SBS products:
- ICE Clear Credit
- ICE Clear Europe
- LCH Clearnet SA
You may find a list of products that these CCPs clear here.