20 July 2018
Visit www.avoka.com

LCH.Clearnet's ForexClear breaks $50bn notional cleared

17 July 2012  |  1401 views  |  0 Source: LCH.Clearnet

LCH.Clearnet Limited's (LCH.Clearnet) ForexClear service has exceeded $50 billion in cleared notional of FX NDFs since launching only four months ago on 19 March 2012.

With 14 members clearing across six currencies, the service has seen a marked acceleration in daily volumes in the last month as FX market participants have become accustomed to the processes around clearing. Market volatility in many currencies cleared has added to this, demonstrating the benefit that counterparty risk mitigation and daily exchange of mark-to-market can bring.
Utilising the unique OTC clearing experience of other LCH.Clearnet services, Swapclear and CDSClear, ForexClear delivers a robust risk management approach, combined with fully automated, scalable STP service.

Gavin Wells, CEO, ForexClear said: "I am delighted that our members have realised the benefits of clearing so soon after launch. With over 4,000 tickets novated, and with so many members having proven the service, we are now preparing to extend FX NDF clearing to clients. With the additional five currencies being added to the service in the coming weeks, we will provide 95% market coverage and look forward to bringing the benefits of clearing to the entire market."

The first global clearing service for foreign exchange, ForexClear will shortly launch a client clearing solution to provide clients with robust protection and benefits such as segregation of margin and collateral and portability of client positions. The client offering is subject to regulatory approvals.

ForexClear clears NDFs in six of the most actively traded currencies, Brazilian Real, Chilean Peso, Chinese Yuan, Indian Rupee, Korean Won, Russian Ruble, and will extend these to include Colombian Peso, Indonesian Rupiah, Malaysian Ringgit, Philippine Peso & Taiwan Dollar in the coming weeks.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12925 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10369 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9764 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6803 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6604 views comments | 2 tweets | 7 linkedin

Featured job

Basic c Euro 120K, Variable Euro 120K - full ben...
Paris prefered London possible

Find your next job