LCH ForexClear, an LSEG business, announces that US-based bank Wells Fargo has joined as a member and has processed its first NDF transaction through the service.
Wells Fargo is now able to take advantage of ForexClear’s offering, including comprehensive margins, liquidity and netting opportunities.
Andrew Batchelor, Head of ForexClear, LCH, said:
“We are pleased to welcome Wells Fargo as our latest member as we continue to expand our offering to financial institutions worldwide, following the addition of two new members from Asia and Europe in 2023. Their membership reinforces the commitment us to provide leading forex clearing and financial resources and risk management services to the forex market as an increasing number of firms increase their cleared flow.”
Vincent Hindman, head of foreign exchange, Wells Fargo, said:
“Wells Fargo is proud to be the latest member to join LCH ForexClear. Given the strategic development of our FX platform over the past few years, it was important to unlock the margin and capital efficiency provided through ForexClear. As more interbank and client volumes continue to move to NDF clearing, this will enable us to further mitigate counterparty credit risk and reduce costs through multilateral risk netting.”
LCH ForexClear saw strong growth across the service in 2024, with record volumes in June. In addition to strong growth in NDF volumes, FX Options ADV on ForexClear increased by 126% from June 2023 to $22 billion in June 2024, with a record day of $48 billion recorded on June 27, 2024.