Singaporean bank UOB has become the first in the country to join LSEG FX’s NDF Matching and clear its first trade using LCH ForexClear.
Rohit Verma
The platform, aimed at the global FX market, combines the benefits of an NDF CLOB with clearing.
Rohit Verma, head of post-trade Asia Pacific at LSEG, said: “As a leader in the Asian NDF market and Singapore’s first LCH ForexClear member, we look forward to supporting their clearing activity on the platform.”
LSEG’s fully cleared non-deliverable forwards (NDF) matching platform went live in November 2023 following the initial announcement in May.
The Singapore-based platform has the backing of the Monetary Authority of Singapore (MAS) and represented the first stage of LSEG re-platforming its FX venues to its core technology.
Kelvin Ng, group head of global markets, at UOB, said: “Through this service, we are able to benefit from enhanced execution and access to cleared liquidity in addition to the operational efficiencies that LSEG’s end to-end-solution provides.”