Wells Fargo joins LCH ForexClear as clearing member
The move will enable Wells Fargo access to ForexClear’s margin, liquidity and netting opportunities.
The move will enable Wells Fargo access to ForexClear’s margin, liquidity and netting opportunities.
New offering will enable participants to reduce capital requirements and counterparty risk.
Following roll-out, Capitolis plans to add additional banks into future FX Smart Clearing exercises.
LCH said the move furthers its commitment to servicing clients in the APAC region, which now accounts for 69% of notional on its ForexClear service.
With trades facilitated by Citi, Schroders cleared NDF trades across a range of Asian and Latam currency pairs.
Crypto firm is looking to expand its real-time clearing and settlement service for crypto and digital assets.
LCH has added Hana Bank as the first Korean bank to offer client clearing through ForexClear for FX derivatives.
New head of ForexClear has previously worked in FX trading at major institutions including RBS where he was global head of FX trading until 2016.
After launching client clearing at ForexClear, Barclays was the first bank to process a client trade through LCH’s international clearing broker model.