LCH.Clearnet gets green light in Singapore
LCH.Clearnet is now a recognised clearinghouse in Singapore after authorities approved its LCH.Clearnet’s EnClear, ForexClear and SwapClear divisions.
The recognition comes as the wealthy city state in south-east Asia plans to introduce a mandate for the clearing of US dollar and Singapore dollar-denominated interest rate swaps.
LCH.Clearnet currently clears Singapore dollar-denominated interest rate swaps as well as commodities futures.
It also has a number of Singapore-based clients clearing interest rate derivatives and commodities via clearing brokers.
“Singapore is an established international hub for finance and we continue to see tremendous demand for our services in the region,” said Martin Pluves, chief executive of LCH.Clearnet.
“Achieving recognition status in Singapore is an important part of our growth strategy in Asia Pacific and complements other licences we have already and those we are applying for in the region.”
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