Refinitiv FXall to Connect to LSEG’s LCH for OTC Clearing

Refinitiv FXall has set out plans to connect with the London Stock Exchange Group’s clearinghouse LCH for FX OTC transactions. Traders on FXall will gain a quicker way of clearing non-deliverable forwards (NDFs) trades through LCH’s ForexClear service. The connection is expected to go live in the fourth quarter of this year, subject to regulatory approval according to The Trade news. It will offer traders a choice on which of trades get cleared based on the liquidity provider, currency pair, or account they are trading for. Trades will be routed to LCH via FXall’s post-trade processing platform, Settlement Centre.  The partnership was also in anticipation of phase 5 of the uncleared margin rules (UMR), set to be implemented in September, when buy-side institutions will assess how they will be affected and weighing the benefits of FX clearing.

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