LCH.Clearnet Garners Clearing House Recognition from MAS, Eyeing Growth

LCH.Clearnet has strengthened its operational capabilities in Singapore, having secured a MAS license for its clearing obligations.

LCH.Clearnet Ltd, a worldwide clearing house, has achieved formal status as a Recognized Clearing House by the Monetary Authority of Singapore (MAS), the country’s central banking entity, according to an LCH.Clearnet statement.

The recognition will go a long way in helping shore up LCH.Clearnet’s status domestically, with specific regards to the group’s EnClear, ForexClear, and SwapClear services. The recognition by MAS also represents the next step by the clearing house to more deeply integrate its operations in Singapore, following the existing business it has conducted there.

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Presently, LCH.Clearnet clears a variety of assets and trading instruments, including Singapore dollar-denominated interest rate swaps, commodities futures, each of which executed on the Cleartrade Exchange (CLTX), MAS’ regulated trading venue. The recognition is also important for LCH.Clearnet as it looks to strengthen its clearing mandate and capabilities in Singapore and the Asia-Pacific (APAC) region as a whole.

Martin Pluves, CEO, LCH.Clearnet
Martin Pluves, CEO, LCH.Clearnet

According to Martin Pluves, Chief Executive Officer (CEO), LCH.Clearnet Ltd, in a recent statement on the recognition” “Singapore’s proposal to introduce a mandate for the clearing of US Dollar and Singapore Dollar-denominated interest rate swaps in the future is a significant development and we look forward to supporting firms in meeting their clearing obligations.”

“Achieving recognition status in Singapore is an important part of our growth strategy in Asia Pacific and complements other licenses we have already and those we are applying for in the region. As a global CCP, we provide open access to clearing for members and clients across many asset classes and in multiple jurisdictions, offering greater efficiencies for their business,” he added.

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