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
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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