LCH welcomes UOB as a new member
03 November 2023 UK
Image: Uuganbayar/stock.adobe.com
The LCH Group has welcomed Singapore-based United Overseas Bank (UOB) to join LCH SwapClear and LCH ForexClear as a direct clearing member.
The move marks UOB as the first bank in Southeast Asia to join as a direct member of ForexClear 鈥� LCH鈥檚 solution for non-deliverable and deliverable foreign exchange (FX).
It also signifies the completion of all Singapore local banking groups joining as members of SwapClear 鈥� which provides access to the liquidity in the over-the-counter (OTC) interest rate swap (IRS) market and access to 95 per cent of the 鈥榲anilla鈥� IRS market.
UOB has now cleared its first interest rate and FX derivative trades with LCH as a member.
Commenting on the announcement, Isabelle Girolami, LCH CEO, says: 鈥淎PAC is a key strategic market and growth driver for LCH, and we are committed to enabling our members to benefit from economies of scale, along with margin, capital and operational efficiencies that our services deliver.
鈥淲e look forward to continuing our collaboration with UOB as it looks to increase its clearing activity and benefit from LCH鈥檚 innovative solutions and set of products available.鈥�
Leslie Foo, group head of global markets at UOB, adds: 鈥淲e are proud to be the first member globally to concurrently join LCH SwapClear and ForexClear. More importantly, we are the first ForexClear member in Southeast Asia as we seek to contribute to the growth of ASEAN.
鈥淥ur partnership with LCH will enable us to unlock further liquidity across multiple asset classes, particularly as regulations have placed greater financial resource requirements across our portfolios. We will also benefit from LCH鈥檚 risk management solutions and the capital and margin efficiencies that it will enable across our rates and FX clearing activity.鈥�
The move marks UOB as the first bank in Southeast Asia to join as a direct member of ForexClear 鈥� LCH鈥檚 solution for non-deliverable and deliverable foreign exchange (FX).
It also signifies the completion of all Singapore local banking groups joining as members of SwapClear 鈥� which provides access to the liquidity in the over-the-counter (OTC) interest rate swap (IRS) market and access to 95 per cent of the 鈥榲anilla鈥� IRS market.
UOB has now cleared its first interest rate and FX derivative trades with LCH as a member.
Commenting on the announcement, Isabelle Girolami, LCH CEO, says: 鈥淎PAC is a key strategic market and growth driver for LCH, and we are committed to enabling our members to benefit from economies of scale, along with margin, capital and operational efficiencies that our services deliver.
鈥淲e look forward to continuing our collaboration with UOB as it looks to increase its clearing activity and benefit from LCH鈥檚 innovative solutions and set of products available.鈥�
Leslie Foo, group head of global markets at UOB, adds: 鈥淲e are proud to be the first member globally to concurrently join LCH SwapClear and ForexClear. More importantly, we are the first ForexClear member in Southeast Asia as we seek to contribute to the growth of ASEAN.
鈥淥ur partnership with LCH will enable us to unlock further liquidity across multiple asset classes, particularly as regulations have placed greater financial resource requirements across our portfolios. We will also benefit from LCH鈥檚 risk management solutions and the capital and margin efficiencies that it will enable across our rates and FX clearing activity.鈥�
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