Societe Generale Corporate & Investment Banking’s (SG CIB) Newedge prime services business has added LCH.Clearnet’s ForexClear service as a new central counterparty clearinghouse (CCP) to its client OTC clearing offering, allowing its clients to clear non-deliverable forwards (NDF).
SG CIB’s prime services business is the first futures commission merchant (FCM) to go live with direct connectivity to the ForexClear platform. Enabled by the ClearLink application programming interface (API), this direct connectivity enables Newedge clients to benefit from a standardized, entirely transparent, trade workflow covering multiple asset classes.
Andrew Salter, FX and IRS product development at SG CIB said: “As the industry marches towards mandatory clearing, SG CIB is committed to enhancing its OTC client clearing service, adding leading CCPs – like ForexClear – to give clients a secure and transparent service. We look forward to working with ForexClear to launch their International client clearing model. We will also be collaborating on the imminent SEF and credit hub testing and launch.”
