Rivals gear up for FX clearing

LCH.Clearnet said it discussed its proposals for a CCP model for FX spot, forwards and options with central bank sources last week – while the CME said it plans to link up five clearers to its recently launched CME FX on Reuters service by Q4.

"A number of banks have said to us that they can see significant scope for operational advantages if we could net settlements multilaterally and then pass the resulting net amount to CLS [continuous linked settlement] for settlement," said Rory Cunningham

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