ForexClear Maximises FX NDF Clearing – 95% Market Coverage

In response to increased market demand, LCH.Clearnet Ltd, the international clearing house, has expanded the range of currencies cleared through

In response to increased market demand, LCH.Clearnet Ltd, the international clearing house, has expanded the range of currencies cleared through ForexClear.  The eleven major currencies now available, which enable 95% of the NDF market to be cleared, are: Brazilian Real, Russian Rouble, Indian Rupee, Chilean Peso, Chinese Yuan, Korean Won, Colombian Peso, Indonesian Rupiah, Malaysian Ringgit, Philippine Peso and Taiwan Dollar.

Highlights

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• The eleven major NDF currencies now available cover 95% of market
• Participants capitalise on risk management benefits with cleared volumes reaching $210 billion
• Client clearing service now built and fully tested in line with market demand

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ForexClear delivers world-class risk management into existing market infrastructure, a main reason for the rapid growth since its launch in March 2012.  Cleared volumes in the first four months exceeded $50 billion.  Activity intensified in August and September with total volumes exceeding $210 billion across all currencies, in over 15,000 tickets.

The service’s client clearing business, set to launch later this year subject to regulatory approval, is already in testing with market participants to ensure that its LSOC compliant design enables them to meet regulatory obligations whilst giving them the benefits of quality risk management and superior protection through segregation of margin collateral.

Gavin Wells, CEO, ForexClear said: “The exponential growth of ForexClear demonstrates the demand and relevance of the service.  I am very excited that we will expand this to buy-side clients, thus offering risk management and counterparty risk mitigation to the entire market.  ForexClear is a compelling offering, built with market participants to deliver exceptional levels of protection through our world-class risk management framework.”

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