24 Exchange Gains Approval for FX NDF Clearing at LCH ForexClear

Bermuda-based OTC product trading platform 24 Exchange has announced its approval as a trade source for FX Non-Deliverable Forward (NDF) clearing at LCH ForexClear, a division of the London Stock Exchange Group's (LSEG) Post Trade business. This development positions 24 Exchange as the second electronic FX trading platform provider to offer its non-U.S. users a direct pathway to LCH ForexClear for clearing services.

The company stated that it has already completed its inaugural LCH-cleared production trade with its strategic partner, Standard Chartered Bank. According to 24 Exchange, this new integration will allow its non-U.S. users to trade and immediately clear FX NDFs with LCH ForexClear. This streamlined process potentially offers benefits such as reduced counterparty risk and decreased uncleared margin rule requirements through multi-lateral margin netting.

Dmitri Galinov, CEO and Founder of 24 Exchange, expressed his enthusiasm about the announcement, stating, "We are thrilled that 24 Exchange is now an approved platform for NDF clearing for our global institutional users. This new settlement path with LCH ForexClear is an exceptional new option for our non-U.S. users empowering them to simultaneously reduce their risks and costs while increasing their operational efficiency."

Established in 2019, 24 Exchange, an affiliate of 24X National Exchange, offers institutional clients trading in FX NDFs, Swaps, and Spot through a single interface. The company aims to provide increased liquidity at a lower cost to market participants.