Spring 2023

FX Clearing: Unlocking the potential and exploiting the benefits

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In this issue

FX Clearing: A market still in its infancy but with enormous potential

James Pearson, Head of LCH ForexClear, responds to a few questions about the current state of FX Clearing and how LCH has been broadening its product offering to meet the opportunities that the uncleared market presents.

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Market Commentary:
Industry Engagement: What’s being done to encourage more adoption and improve the experience of FX Clearing?

Buyside and sellside adoption of FX clearing currently differs significantly. Sarah Billingham, Head of FX Specialised Sales at LCH ForexClear, and Kah Yang Chong, Acting Head of State Street TradeNeXus, offer some comments about this divergence and how FX clearing might evolve in the future for both groups.

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Case Study:
Enhancing and expanding the global FX clearing ecosystem with the forthcoming launch of LSEG’s innovative NDF Matching platform

The growth of the NDF market has seen a steady increase in the volume of trades being novated to clearing, but this is predominantly performed as a post-execution exercise. As a result, the clearing journey can be onerous and ultimately prohibitive for some participants that want to make the most of the benefits that it brings.

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Product Spotlight:
FX Smart Clearing

Andrew Batchelor, COO & Head of Product at LCH ForexClear and Esben Urbak, Head of Product at Quantile outline some of the key features of the FX Smart Clearing project.

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Technology Perspectives:
Technology in the FX clearing process: Perspectives from the buyside

As firms pay increasing attention to mitigating client portfolio cost impact, FX clearing and the advances that technology brings to the process are becoming important and generating interest amongst more buyside firms than ever before. But what efficiencies can technology actually deliver?

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Provider Profile:
LCH ForexClear Viewpoints from the leading provider of OTC FX clearing services

LCH ForexClear delivers unmatched capital and operational efficiencies, including the flexibility and choice of both US and European clearing models.

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Provider Profile:
Quantile: Talking to a remarkable multilateral optimisation service provider which is looking to reduce the size, risk and complexity of the derivatives market.

Quantile, now part of London Stock Exchange Group, is a market-leading optimisation provider that reduces counterparty risk, notional and capital requirements to increase the efficiency and liquidity of derivatives markets, improve returns for clients, and make the financial system safer. We asked the firm’s CEO, Andrew Williams, to tell more about the products and services this innovative and fast growing company offers, especially for FX.

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Provider Profile:
TradeNeXus: An award-winning innovator focused on driving efficiencies within the post-trade FX workflow.

TradeNeXus is a part of GlobalLink’s suite of market-leading e-trading platforms, technology, data and workflow solutions from State Street.

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FX Clearing: A future full of promise

Conversations around FX clearing have gathered momentum recently, but much remains to be done before it becomes standard practice. A lot of development will naturally come from regulatory forces. James Pearson, Head of ForexClear at LCH lists a few regulatory drivers that might potentially turn FX clearing into an industry norm.

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