LCH.Clearnet embarks on FX CCP project
LONDON - LCH.Clearnet is working to create a central counterparty (CCP) clearing facility for foreign exchange forwards and swaps, officials have told FX Week .
The London-based clearing house said the introduction of FX has been in discussion among its membership since late last year, with forwards and swaps emerging as a starting point, as the products pose greater credit risk due to their long tenures (FX Week, October 20, 2008). LCH.Clearnet is 73.3% owned by its 120 clearing members.
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