ForexClear market coverage hits 95 percent 28 September 2012London Reporter: Jenna Jones
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LCH.Clearnet has expanded the range of currencies cleared through its FX clearing service ForexClear. The eleven major currencies now available enable 95 percent of the non-deliverable forward market to be cleared.
The currencies now available are: Brazilian real, Russian rouble, Indian rupee, Chilean peso, Chinese yen, South Korean won, Colombian peso, Indonesian rupiah, Malaysian ringgit, Philippine peso and Taiwan dollar.
The service’s client clearing business is set to launch later this year.
Gavin Wells, CEO, ForexClear said: “The exponential growth of ForexClear demonstrates the demand and relevance of the service. I am very excited that we will expand this to buy-side clients, thus offering risk management and counterparty risk mitigation to the entire market. ForexClear is a compelling offering, built with market participants to deliver exceptional levels of protection through our world-class risk management framework.”
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