– Firms subject to Singapore’s proposed clearing mandate will be able to meet their obligations by clearing at LCH.Clearnet
– Underscores LCH.Clearnet’s continued commitment to the Singaporean market and broader Asia-Pacific region
LCH.Clearnet Ltd (“LCH.Clearnet”), the global clearing house, today announced that it has been formally granted the status of Recognised Clearing House by the Monetary Authority of Singapore (MAS). Recognition applies to LCH.Clearnet’s EnClear (Freight Division), ForexClear and SwapClear services.
LCH.Clearnet currently clears Singapore Dollar-denominated interest rate swaps as well as commodities futures, including freight, iron ore, and steel, executed on Cleartrade Exchange (CLTX), the MAS-regulated trading venue. LCH.Clearnet also has a number of Singapore-based clients clearing interest rate derivatives and commodities via clearing brokers.
Martin Pluves, CEO, LCH.Clearnet Ltd, said: “We are delighted to have received approval from the MAS. Singapore is an established international hub for finance and we continue to see tremendous demand for our services in the region. Singapore’s proposal to introduce a mandate for the clearing of US Dollar and Singapore Dollar-denominated interest rate swaps in the future is a significant development and we look forward to supporting firms in meeting their clearing obligations.
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. As a global CCP, we provide open access to clearing for members and clients across many asset classes and in multiple jurisdictions, offering greater efficiencies for their business.”
