Commerzbank joins LCH ForexClear
11 November 2024 Germany
Image: Matthias/stock.adobe.com
Commerzbank has joined LCH ForexClear as a clearing member.
Headquartered in Frankfurt am Main, Germany, Commerzbank offers banking services to private and entrepreneurial customers as well as corporate clients.
“Commerzbank is delighted to join LCH ForexClear, which enables us to further expand our global foreign exchange (FX) platform business through optimised capital usage and to benefit from operational efficiencies,” says Marius Jubin, global head of FX forward trading at Commerzbank.
“In addition, ForexClear offers the opportunity to effectively manage bilateral credit exposures and participate in established risk-mitigating industry initiatives.”
Launched in 2012, ForexClear provides a dedicated service for clearing non-deliverable forward contracts (NDFs).
“Over the past 18 months, financial institutions from Europe, Asia, and the US have joined us and chosen to clear their FX trades with us, and we have seen record volumes across our products,” says Andrew Batchelor, head of ForexClear, LCH.
He adds: “We remain committed to extending our leading clearing services to the global FX market and offering further margin, capital, and risk management optimisation opportunities as the service continues to grow.”
There are currently 22 member banks, 22 clearing brokers, and 88 clients active on LCH ForexClear.
US-based bank Wells Fargo joined LCH ForexClear as a clearing member in July.
Headquartered in Frankfurt am Main, Germany, Commerzbank offers banking services to private and entrepreneurial customers as well as corporate clients.
“Commerzbank is delighted to join LCH ForexClear, which enables us to further expand our global foreign exchange (FX) platform business through optimised capital usage and to benefit from operational efficiencies,” says Marius Jubin, global head of FX forward trading at Commerzbank.
“In addition, ForexClear offers the opportunity to effectively manage bilateral credit exposures and participate in established risk-mitigating industry initiatives.”
Launched in 2012, ForexClear provides a dedicated service for clearing non-deliverable forward contracts (NDFs).
“Over the past 18 months, financial institutions from Europe, Asia, and the US have joined us and chosen to clear their FX trades with us, and we have seen record volumes across our products,” says Andrew Batchelor, head of ForexClear, LCH.
He adds: “We remain committed to extending our leading clearing services to the global FX market and offering further margin, capital, and risk management optimisation opportunities as the service continues to grow.”
There are currently 22 member banks, 22 clearing brokers, and 88 clients active on LCH ForexClear.
US-based bank Wells Fargo joined LCH ForexClear as a clearing member in July.
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