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.
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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.”