LSEG NDF Matching Live in Singapore
Posted by Colin Lambert. Last updated: November 16, 2023
LSEG’s NDF Matching platform has gone live in Singapore’s SG1 – the first foray into the centre by one of the primary FX venue providers.
LSEG says the platform is the first FX trading platform with a pre-trade intention to clear, with LCH ForexClear acting as the central counterparty (CCP) to all trades executed. This will offer the traditional margin and capital benefits of clearing, while providing additional operational and credit efficiencies to the entire FX marketplace, it adds.
Electronic NDF trading continues to grow, with 24 Exchange, Cboe FX and 360T all seeing growth over the past year, while informed sources says EBS, which does not publish volumes, continues to provide strong volumes for parent CME Group.
“This new platform brings together multiple advances in our FX offering: our new trading technology; post-trade expertise from LCH ForexClear, enabling clearing as a choice at execution for the first time; our new enhanced trading desktop, LSEG Workspace; and hosting in Singapore for closer proximity to the Asian NDF markets,” says Neill Penney, group head of FX, LSEG. “The launch of NDF Matching is the first phase of our re-platforming initiative, which involves the migration of our FX venues onto LSEG’s common core technology platform. This will provide market participants with better performance, improved functionality, streamlined connectivity, and support faster product innovation in the future.”