LCH has launched deliverable FX options clearing. The move incorporates the first physical settlement service for cleared FX products, which LCH has developed in collaboration with CLS.
FX options clearing will exist as part of LCH's ForexClear service, which currently clears around $70 billion in average daily volume.
Paddy Boyle, global head of ForexClear at LCH, says: "Clearing FX options is an exciting milestone for LCH and the FX market. The launch of this service extends the benefits of clearing to more products and participants in the FX market, enabling them to benefit from the risk management, margin, capital and operational efficiencies of clearing. We're delighted to partner with CLS to deliver this innovative new service."