24 Exchange Connects to ForexClear

24 Exchange says that it has received approval as a trade source for NDF clearing at LCH ForexClear, part of LSEG, and has completed its first LCH-cleared production trade.

The trade involved 24X’s strategic partner Standard Chartered Bank, and the firm says it means it is the second electronic FX trading platform provider to offer its non-US users a direct workflow to LCH ForexClear.

Clearing offers the potential to benefit from a reduction in counterparty risk and uncleared margin rule requirements, with multi-lateral margin netting. While ForexClear has hit new highs in FX options clearing in recent months, activity has drifted a little in NDFs. In February, it cleared notional client NDF volume of around $75 billion, having peaked above $100 billion in August and September 2024.

“This new settlement path with LCH ForexClear is an exceptional new option for our non-US users empowering them to simultaneously reduce their risks and costs while increasing their operational efficiency,” says Dmitri Galinov, foundef and CEO of 24 Exchange. “As we look to the year ahead, 24 Exchange will continue to set the standards in delivering cost effective trading at the optimum price.”

Andrew Batchelor, head of LCH ForexClear, adds, This connection further expands access to margin, capital and operational efficiencies for market participants, unlocking greater liquidity in the cleared FX market.”