RBC Joins LCH CDSClear As First Canadian Member

Royal Bank of Canada (RBC) has become the first Canadian clearing member to join LCH CDSClear, marking a significant milestone in the global expansion of credit default swap (CDS) clearing. The MOVE provides RBC access to the broadest range of credit products eligible for clearing, enabling margin and operational efficiencies across its CDS portfolio.

As a market Maker in both European and US indices, RBC stands to benefit from a growing pool of CDS liquidity. LCH CDSClear has seen record clearing volumes in 2025, with US$1 trillion of CDX and iTraxx® indices notional cleared in Q1—a 332% increase year-over-year. European iTraxx® indices also reached €1.58 trillion, up 52% from Q1 2024.

Marcus Robinson, Head of CDSClear at LCH, emphasized the strategic importance of RBC’s membership, highlighting the platform’s commitment to expanding choice in CDS clearing. The development underscores the accelerating institutional adoption of centralized clearing mechanisms in derivatives markets.