LCH ForexClear clears Standard Chartered and IndusInd Bank’s first NDF client trade
- A record $516 billion in client notional cleared at ForexClear in 2022, with 69% from APAC clients.
- Transaction further reinforces LCH’s commitment to servicing clients in the APAC region.
LCH ForexClear today announces that Standard Chartered has partnered with IndusInd Bank to clear its first NDF client transaction at LCH. The transaction marks a first for IndusInd Bank clearing OTC FX at LCH ForexClear. Standard Chartered provides international banking services across core emerging markets including in Asia, Africa, and the Middle East. IndusInd Bank provides retail and corporate banking services across India.
LCH has continued to see strong growth of its FX client clearing services, with Standard Chartered the latest organisation to provide its customers with access to the clearing benefits and enhanced risk management services available through ForexClear. There are now 20 entities providing client clearing support at ForexClear, a 67% increase from 2021. IndusInd Bank is the second Indian bank to clear at ForexClear.
James Pearson, Head of ForexClear, LCH, said: “We continue to see a growing number of firms from APAC choosing to clear through ForexClear and benefit from the margin, capital and operational efficiencies our services provide. We are pleased to be able to offer a diverse set of products to our customers in the APAC region, unlocking further liquidity in the cleared FX market.”
Andy Ross, Global Head of Prime Brokerage, Standard Chartered, said: “We are delighted to have partnered with IndusInd Bank and process our first NDF client trade at LCH ForexClear. Through our use of the service, we can support a broader range of market participants, enabling them to benefit from reduced operational complexity, robust risk management and increased liquidity.”
Siddharth Banerjee, Head Global Markets and FIG, IndusInd Bank, said: “Participating in this trade with Standard Chartered enables IndusInd Bank to benefit from the capital and margin efficiencies that clearing through ForexClear offers. We are pleased to be using this service and expanding our connectivity to the FX market.”
This latest development further underpins LCH’s commitment to servicing clients in the APAC region. A record $516 billion notional was cleared by clients at ForexClear in 2022, with 69% from APAC clients. ForexClear registered a 50% increase in clients accessing ForexClear from APAC in 2022, and a 41% year-on-year increase in APAC client trades cleared. In 2022, ForexClear also launched clearing with settlement for USD/JPY and EUR/JPY FX Options, and LSEG announced plans to launch a new NDF matching platform in Singapore in 2023 that will be directly connected to ForexClear.
Learn more about LCH ForexClear here.
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For further information
Nandeep Roopray / Harriet Leatherbarrow
Tel: +44 (0)20 7797 1222
LCH Limited and LCH S.A. (collectively, “LCH”) are leading multi-asset clearing houses that provide proven risk management capabilities across a range of asset classes. As demand for robust clearing services continues to grow, LCH is committed to maintaining the highest standards of risk management across all our services.
As the markets’ partner, LCH operates an open access model, offering a choice of execution venues, delivering extensive choice and efficiencies to the marketplace.
LCH operates clearing houses incorporated in the UK and France, with offices in the United States and the Asia Pacific region. It offers clearing services across asset classes, including OTC and listed rates; CDS and FX; fixed income; commodities; cash equities and equity derivatives. In addition, SwapAgent Limited serves the non-cleared derivatives market through its SwapAgent service, which extends a number of the efficiencies applicable to clearing to the market, without acting as a central counterparty.
LCH Limited, LCH S.A. and SwapAgent Limited are each majority owned by London Stock Exchange Group PLC (LSEG.L), an international markets infrastructure business that sits at the heart of the world's financial community.
Further information on LCH can be found at www.lch.com