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LCH.Clearnet named ‘Best FX Clearing house’ by FX Week

November 20 2012

LCH.Clearnet Ltd (LCH.Clearnet) today announced it has been awarded FX Week’s ‘Best FX Clearing house’ in recognition of the success of ForexClear, its market-leading clearing service for Foreign Exchange.   The award was part of FX Week’s ‘Best Bank Awards’ which are considered a benchmark for performance in the FX industry. FX market professionals and readers of FX Week vote across 38 categories.

Gavin Wells, CEO of ForexClear at LCH.Clearnet said: “We are honoured to have been recognised by the industry as the leading provider of OTC FX clearing solutions. Receiving this award is a further endorsement of our world-class risk management capabilities and the strength and breadth of our offering. In line with market demand we plan to make some important developments to the service, with client clearing launching early next year and further product extensions.”

ForexClear was launched in March 2012 and was designed in close collaboration with leading FX market participants. It now provides robust clearing services for eleven major Non Deliverable Forwards (NDFs).

Since the service was introduced, participants have been quick to capitalise on ForexClear’s world-class risk management framework and broad currency offering.  The currencies 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. In the last eight months, volumes have exceeded $340 billion with over 25,000 tickets novated, demonstrating the demand and relevance of the service to the market.

ForexClear’s client clearing business, having recently received regulatory approval, is set to launch shortly in line with member and client demand. This service enhancement enables clients to meet regulatory obligations whilst giving them the benefits of quality risk management and superior protection through segregation of margin collateral.

To view the press release as a pdf click here

About LCH.Clearnet

The LCH.Clearnet Group is a leading international clearing house, serving major exchanges and platforms as well as a range of OTC markets.

LCH.Clearnet’s world-class risk management framework provides the markets with exceptional levels of protection.  Both the soundness of its risk management approach and the resilience of its systems have been proven in recent times. As demand for robust clearing services continues to grow, LCH.Clearnet is committed to setting and maintaining the highest standards across all asset classes cleared.