SwapClear's success relies on partnership, and this year will be no exception as we continue to help members and their clients navigate the evolving regulatory landscape. With the focus on the transition to mandatory clearing in Europe, we are seeking to deliver even more effective ways to manage capital requirements and streamline operations.

Through industry partnership, we are introducing LCH Spider, our portfolio margining initiative; CustodialSeg, an even higher level of customer protection and control; and further expanding our industry recognized Compression offerings.

Our efforts are global, and we now offer Mexican peso swaps, as well as continuing to build our presence in Hong Kong, Singapore and Mexico, as we work closely with global regulators to streamline the implementation of clearing across all jurisdictions.

But while we embrace expansion opportunities, we continue to invest in our technical and operational infrastructure and the day-to-day enhancements needed to efficiently clear the world's swap markets. By doing so, we'll continue our efforts to deliver a seamless, compliant, secure and optimized service for all participants.

*All new product initiatives and proposed roll-outs are subject to regulatory review.