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Foreign Exchange

LCH.Clearnet expands FX NDF clearing offering to cover 95% of market

London-based clearing house LCH.Clearnet says it has expanded the range of currencies cleared through its ForexClear business to cover 95% of the FX non-deliverable forward (NDF) market.

ForexClear now offers clearing services through its risk-management framework for 11 main currencies: BRL, COP, CLP, CNY, IDR, INR, KRW, MYR, PHP, RUB and TWD. Previously, the company only offered FX NDF clearing for BRL, CLP, CNY, INR, KRW and RUB, ForexClear CEO Gavin Wells said in a recent interview with EuromoneyFXNews.

ForexClear also confirmed it has cleared more than $210 billion in notional FX NDF volumes since backstopping services for trades in the original six currencies began in March.

Data collected by EuromoneyFXNews show that LCH.Clearnet is ahead of its competitors CME Group, the IntercontinentalExchange (ICE) and the Singapore Exchange in clearing volumes for FX NDFs. [link]

CME has cleared $9 million in notional over-the-counter (OTC) FX volumes since it launched its clearing service for the products through CME ClearPort in April, says company spokesman Allan Schoenberg.

Meanwhile, ICE clearing services for OTC FX NDFs have not launched yet.

And SGX has not provided volumes figures for its clearing services for Asian OTC FX NDFs that were launched in October 2011.

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