LHC Clearnet launches FX clearing
LCH.Clearnet, a multi-asset clearing house, has launched ForexClear, a service to clear foreign exchange non-deliverable forwards.
The new service has launched with clearing between direct clearing members. NDFs are cash settled products, actively traded in a range of high growth economy currencies.
Gavin Wells, managing director, ForexClear, said: “In response to market demand and pending regulatory changes, we are delighted to be bringing LCH.Clearnet’s leading risk mitigating solutions to NDFs and we will be looking to broaden the service in line with client demand.”
The service will clear NDFs in the Brazilian Real, Chilean Peso, Chinese Yuan, Indian Rupee, Korean Won and Russian Ruble, all against the United States Dollar. Further currencies are being added to the service with the aim to provide 95% market coverage.