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A division of LCH.Clearnet that clears OTC Interest Rate Swaps and Forward Rate Agreements. SwapClear began business in 1999 and has steadily grown in both volume of business and number of direct clearing members. As of December 2011, SwapClear had 60 direct members and approximately USD 300 trillion notional worth of contracts open and being processed within the platform. This is believed to be half the total number of interest rate contracts in the market. The half not being cleared is between buy-side firms and dealers, or in products SwapClear does not yet accept for clearing.