I have a cancellable swap to value, with the float leg payer being a clearing house.
The cancellable term sheet states the interest rate swap has a Bermudan style optionality for early termination but doesn't specify which party is long the option. Hence I cannot value this swap. The owner of this swap suggested that this is not relevant given it is a cleared swap - and i don't understand why.
What is the difference in valuation approach to a cleared and non-cleared cancellable swap?