ForexClear expands range of cleared currencies

LCH.Clearnet Ltd, the global clearing house, has expanded the range of currencies cleared through ForexClear to include Peruvian Nuevo Sol. The move is in response to member and client demand. This addition brings to twelve the currencies now available, enabling over 95% of the non-deliverable forward (NDF) market to be cleared, including: Brazilian Real, Russian Rouble, Indian Rupee, Chilean Peso, Chinese Yuan, Korean Won, Colombian Peso, Indonesian Rupiah, Malaysian Ringgit, Peruvian Nuevo Sol, Philippine Peso and Taiwan Dollar.

ForexClear delivers world-class risk management into existing and new market infrastructure with current access available through MarkitSERV and Traiana. Connectivity to market leading SEFs is expected to be added in the coming months.

Since launching in March 2012, cleared volumes at ForexClear are close to $2 trillion of notional having handled more than 170,000 trades.

Gavin Wells, Global Head of ForexClear said: “The inclusion of Peruvian Nuevo Sol demonstrates our ongoing commitment to meeting the needs of our members and clients. This is the first addition to the service since the Group’s reauthorisation under EMIR. We continue to work on the development of new products and service enhancement in preparation for any future implementation of mandatory clearing. The launch of the Nuevo Sol is a small and logical enhancement but one that has been achieved through close co-operation with regulators, members and other market infrastructure providers.”

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