Standard Chartered and IndusInd Bank Clear Their First NDF Client Transaction at LCH ForexClear

LCH ForexClear, LCH's market-leading foreign exchange clearing solution for non deliverable and deliverable FX products, announced that Standard Chartered has partnered with IndusInd Bank to clear its first NDF client transaction at LCH. 

The transaction marks a first for IndusInd Bank, an indian bank that provides retail and corporate banking services across India, clearing OTC FX at LCH ForexClear. Standard Chartered is a British multinational bank, providing international banking services across core emerging markets including in Asia, Africa, and the Middle East. 

"We are delighted to have partnered with IndusInd Bank and process our first NDF client trade at LCH ForexClear. Through our use of the service, we can support a broader range of market participants, enabling them to benefit from reduced operational complexity, robust risk management and increased liquidity," said Andy Ross, Global Head of Prime Brokerage at Standard Chartered.

"Participating in this trade with Standard Chartered enables IndusInd Bank to benefit from the capital and margin efficiencies that clearing through ForexClear offers. We are pleased to be using this service and expanding our connectivity to the FX market," said Siddharth Banerjee, Head Global Markets and FIG at IndusInd Bank.

LCH has continued to see strong growth of its FX client clearing services. According to the trading statistics released last month, ForexClear saw a record $24.8 trillion in notional cleared​ for the full year 2022, increasing 14% over 2021. Besides, a record $516 billion notional was cleared by clients, up 112%.  

"We continue to see a growing number of firms from APAC choosing to clear through ForexClear and benefit from the margin, capital and operational efficiencies our services provide. We are pleased to be able to offer a diverse set of products to our customers in the APAC region, unlocking further liquidity in the cleared FX market," said James Pearson, Head of LCH ForexClear.