ForexClear Reports Strong 2025 Growth

LSEG’s ForexClear ended 2025 on a strong note and is reporting new peaks in activity on the clearing service for NDFs and options, as well as the first signs of take up in FX swaps.

Overall average daily volume (ADV) on the service was $188 billion, dominated – as it has been from the start – by NDFs, which recorded $155 billion in ADV, a 27% increase on 2024. Also of note, ForexClear says December was a record month for NDF clearing with ADV of $171 billion cleared.

FX options clearing volumes also stepped up, by 59% to $29 billion per day. This marks the first year in which FX options clearing has surpassed $20 billion each month, but further highlighting the pace of growth, six of the 12 months saw the service clear $30 billion or more.

Although still a tiny fraction of overall turnover, ForexClear also says that FX swap clearing volumes rose to $5 billion per day, up 82% from 2024. With the service clearing almost half of NDF ADV globally, (the BIS Triennial Survey put this at $338 billion), going forward it is likely to focus even more on building its presence in the potentially lucrative FX swaps segment, as well as in FX options, where it clears an estimated 4.5% of ADV.

Also in 2025, ForexClear says it added two new member entities and 11 new clients.