LCH
The podcast is back for 2020 and Colin Lambert and Galen Stops immediately try to dampen new year’s spirits with a look at what was a pretty poor 2019 for the FX platforms. On a more positive note, Lambert thinks that 2020 could be a breakout year for two services in the FX industry as […]
LCH has announced that 2019 was a record year for volumes across multiple asset classes, including FX. Over $18 trillion in notional value was cleared by ForexClear, LCH’s FX derivatives clearing service, in 2019. This represents a 5% increase from the previous year. Of this total, $60.5 billion was client cleared notional, a sixfold increase […]
Tradition has facilitated the first brokered AUD/USD cross-currency swap trade using LCH SwapAgent, a service designed to simplify the processing, margining and settlement of non-cleared derivatives. The AUD/USD trade was executed between Mitsubishi UFJ Financial Group (MUFG) and another counterparty on November 20. Nathan Ondyak, global head of LCH SwapAgent, comments: “Since launching in 2017, […]
In a new video interview with Profit & Loss Rick Schonberg, global head of ForexClear product development at LCH, is unequivocal in expressing his view that the current credit model in the FX industry is due for a change. “The model definitely needs to change,” he says. “What’s interesting is that the BIS numbers — […]
With the UK still headed for a Brexit in 2020, subject to December’s General Election, German banking group DekaBank, the securities services provider of the German Savings Banks Finance Group, has successfully transferred a substantial portion of its swap book from UK-based LCH to Frankfurt-based Eurex Clearing in a single day. What the firm calls […]
Clearinghouse LCH has announced that it has expanded its deliverable FX offering to include FX forwards, meaning members of it ForexClear service are now able to clear this product in eight currency pairs, AUDUSD, EURUSD, GBPUSD, USDJPY, USDCHF, EURJPY, EURCHF and EURGBP, with physical delivery. The product extension builds on the launch of deliverable FX options […]
Clearing house LCH has announced that it is the first clearing house to integrate with FX Connect TradeNexus, State Street’s FX trading platform that provides exception-based automated matching, trade and settlement confirmation enrichment and third party messaging. Kate Lowe, managing director, global head of TradeNexus, says, “Uncleared margin rules are changing the way the market […]
LCH has appointed Isabelle Girolami as its CEO, effective November 1. Based in London, Girolami will report to Daniel Maguire, CEO of LCH Group. In this role, she will be responsible for driving continued expansion across LCH’s services, which run across asset classes including interest rate derivatives, FX, equities and fixed income. Girolami’s appointment follows […]
Bank of China (UK) Limited, the firm’s UK entity, has joined LCH’s SwapClear service as its first clearing member from a Chinese banking group thus gaining access to clearing of interest rate derivatives. The bank will also act as a clearing broker, offering clearing services to its client base. In 2015, Bank of China became […]
LCH has expanded its non-deliverable interest rate swaps offering to include five additional currencies. Market participants are now able to clear this product denominated in Brazilian real, Chilean peso, Colombian peso, Taiwan dollar and Thai baht.This builds on LCH’s existing non-deliverable interest rate swaps offering of Chinese yuan, Indian rupee and Korean won, launched in April 2018. LCH has cleared over $5.47 trillion of these currencies since going live.
Cameron Goh, global head of product, rates at LCH, says: “We’re delighted to be expanding our non-deliverable swaps offering to include these currencies. Our focus continues to be on providing maximum capital and margin efficiencies for the market, and this latest extension is another example of LCH partnering with our customers to extend our cleared product set.”
