Wells Fargo latest clearing member to join LCH ForexClear
- Wells Fargo third new clearing member to join LCH ForexClear in the past 12 months.
- LCH ForexClear has experienced strong growth across the service in 2024, with record volumes in June 2024.
- Record NDF Average Daily Volume (ADV) of $132 billion cleared in June 2024, a 33% increase on June 2023.
- 84 clients and 41 member entities are now live on the service.
LCH ForexClear, an LSEG business, announces that US-based bank Wells Fargo has joined as a member and has processed its first NDF trade through the service. Wells Fargo is now able to benefit from ForexClear’s offering including comprehensive margin, liquidity and netting opportunities.
Andrew Batchelor, Head of ForexClear, LCH, said: “We are delighted to welcome Wells Fargo as our latest member, as we continue to expand our offering to financial institutions globally, following the addition of two new members from Asia and Europe in 2023. Their membership reinforces our commitment to providing leading FX clearing and financial resource and risk management services to the FX market, as a growing number of firms increase their cleared flow.”
Vincent Hindman, Head of Foreign Exchange, Wells Fargo, said: “Wells Fargo is proud to be the latest member to join LCH ForexClear. Given the strategic growth of our FX platform over the last few years, it was important to unlock the margin and capital efficiencies provided through ForexClear. As more interbank and client volume continues to migrate towards NDF clearing, this will allow us to further mitigate counterparty credit risk and lower costs through multilateral risk netting.”
LCH ForexClear has experienced strong growth across the service in 2024, with record volumes in June. As well as strong growth in NDF volumes, FX Options ADV at ForexClear increased by 126% from June 2023 to $22 billion in June 2024, with a record day of $48 billion registered on June 27, 2024.
Learn more about LCH ForexClear here: ForexClear | LCH Group
For further information
Harriet Leatherbarrow / Nandeep Roopray
Tel: +44 (0)20 7797 1222
Email: newsroom@lseg.com
About us
LCH. The Markets’ Partner.
LCH builds strong relationships with commodity, credit, equity, fixed income, foreign exchange (FX) and rates market participants to help drive superior performance and deliver best-in-class risk management.
As a member or client, partnering with us helps you increase capital and operational efficiency, while adhering to an expanding and complex set of cross-border regulations, thanks to our experience and expertise.
Working closely with our stakeholders, we have helped the market transition to central clearing and continue to introduce innovative enhancements. Choose from a variety of solutions such as compression, sponsored clearing, credit index options clearing, contracts for differences clearing and LCH SwapAgent for managing uncleared swaps. Our focus on innovation and our uncompromising commitment to service delivery make LCH, an LSEG business, the natural choice of the world’s leading market participants globally.