A Bermuda-based OTC product trading platform has announced its approval as a trade source for FX non-deliverable forward (NDF) clearing at a prominent foreign exchange clearing solution within the London Stock Exchange Group’s (LSEG) Post Trade division. This development marks a significant milestone as the platform recently executed its inaugural LCH-cleared production trade with a strategic partner, making it the second electronic FX trading platform to provide non-U.S. users direct access to LCH ForexClear.
With this new capability, non-U.S. users are enabled to trade and immediately clear their transactions with LCH ForexClear. This advancement offers various advantages, including reduced counterparty risk and a more efficient approach to managing margin requirements in compliance with uncleared margin rules, thanks to multi-lateral margin netting.
The CEO of the platform expressed excitement regarding this new capability, emphasizing that it serves as an exceptional option for global institutional users, minimizing both their risks and costs while enhancing operational efficiency. The company is committed to ongoing innovation and aims to establish itself as a leader in delivering cost-effective trading solutions.
Founded in 2019, the platform provides diverse trading options, including FX NDFs, swaps, and spot trading aimed at institutional clients. Its multi-asset offering, accessible via a single trading interface, facilitates enhanced liquidity and reduced trading costs for market participants.
The overarching mission remains to allow members to quickly and affordably exchange their exposures across a wide array of asset classes around the clock. The platform strives to minimize the costs associated with asset exchanges in global markets, while also offering customized workflows tailored to the unique requirements of each asset class.