e-FX Awards: LCH – Best Clearing Services Provider

LCH's ForexClear saw volumes surge after the first tier of bilateral margining rules entered into force in September

Paddy Boyle, head of ForexClear

In July 2016, non-deliverable forward (NDF) volumes cleared through LCH’s ForexClear service represented approximately 1% of total flows in these contracts. Today, the figure stands at about 15% of the total NDF market and about 30–35% of interbank flows. Or, in value terms, centrally cleared NDF volumes have risen from $120 billion notional a month to close to a trillion’s worth.

This enormous increase in foreign exchange clearing is largely down to the coming into force of the first tier of

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