LCH.Clearnet, a majority owned subsidiary of the London Stock Exchange announced that it has cleared $1 trillion on FX NFDs since launching its ForexClear service in March 2012. ForexClear, LCH.Clearnet’s platform for clearing FX OTC orders provides coverage for 11 currencies which compose of 95% of the NDF market. Currencies include the Brazilian Real, Russian Ruble, Indian Rupee, Chilean Peso, Chinese Yuan, Korean Won, Colombian Peso, Indonesian Rupiah, Malaysian Ringgit, Philippine Peso and Taiwan Dollar. Access to ForexClear is via either Traiana’s Harmony CCP Connect or MarkitSERV’s CCP Gateway services.
The current trillion dollar milestone comes after the firm announced that they had reached $500 billion in cleared trades back in January. According to LCH.Clearnet, ForexClear has “evolved in line with changing regulation to help users meet the new requirements” by adding support for US regulatory reporting of FX trades in January, while introducing straight through processing in March to meet CFTC regulations.
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Commenting in the company’s public release, Gavin Wells, CEO of ForexClear, said “we are seeing the transition to clearing well ahead of the new regulations and clearing mandates as participants come to understand the associated economic benefits. ForexClear’s success is based upon our ability to anticipate user requirements and implement timely and practical solutions. This important milestone validates our collaborative approach, and we look forward to working with both buy-side and sell-side participants alike to ensure we continue to meet their needs as the cleared FX market evolves.”