- Goldman Sachs to offer clearing services via LCH’s ForexClear | Reuters
- LCH clears FX forwards on eight pairs
- Options Clearing
When, at end-June , the BIS collected comprehensive data on central counterparties CCPs for the first time, the numbers showed that central clearing was predominant in OTC interest rate derivatives markets but less prevalent in other OTC derivatives segments.
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Data at end-December indicate that central clearing is gaining in importance in these other segments too. This movement represented the largest semiannual increase in the centrally cleared share since CCP data for CDS were first collected in Graph A , right-hand panel.
Goldman Sachs to offer clearing services via LCH’s ForexClear | Reuters
Multi-name products tend to be more standardised than single-name products and consequently more amenable to central clearing. Notably, the increase in the proportion was driven by a sharp decline in the uncleared segment of CDS markets. While the BIS data do not break down FX derivatives into FX swaps and forwards, the growth of clearing was probably concentrated in non-deliverable forwards because they are commonly offered for clearing, whereas this is not the case for other FX instruments. The rising importance of central clearing in OTC derivatives markets is consistent with the incentives provided by higher capital and margin requirements for non-centrally cleared derivatives.
Regulators in most of the major derivatives markets require certain classes of standardised OTC derivatives, particularly interest rate swaps and CDS, to be centrally cleared. While options, FX derivatives and equity derivatives are generally not covered by these requirements, higher margin requirements for non-centrally cleared derivatives are being phased in, starting in Canada, Japan and the United States in September and in other key markets in The proportion of outstanding positions against CCPs is typically larger than the proportion of trades cleared through CCPs - known as the clearing rate - because the former counts trades between dealers twice.
In the BIS OTC derivatives statistics, whereas inter-dealer positions are adjusted to eliminate double-counting, inter-dealer trades that are subsequently novated to a CCP are not adjusted.
LCH clears FX forwards on eight pairs
When a derivatives trade is cleared by a CCP, the initial contract between counterparties A and B is replaced, in an operation called novation, by two new contracts: one between counterparty A and the CCP, and a second between the CCP and counterparty B. Under the extreme assumption that all positions with CCPs are initially inter-dealer contracts, positions with CCPs could be adjusted by dividing by two.
The actual clearing rate is likely to be higher than this minimum estimate because some positions with CCPs may initially be trades with institutional investors and other financial customers, which in the BIS OTC derivatives statistics are not double-counted when novated to CCPs.
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Options Clearing
Increased Operational Efficiency With the multi-lateral netting Central Clearing brings, firms can face and service a single position per instrument e. Lower Margin Rates Firms that are centrally clearing their FX trading activity can enjoy lower margin rates from the Clearing House than the equivalent margined position held against a bilateral counterpart.
Access More Counterparties By using our centrally cleared FX Futures firms can significantly broaden the number of FX market participants that they can trade with. OTC FX Clearing involves submitting an existing trading into our Clearing house, where it novates so that both counterparties involved in the trade face the Clearing house as counterpart through the rest of the life of that trade.
With no Clearing mandate in place, firms can be selective about which parts of their portfolios they want to clear.
Central Clearing for OTC FX requires no change to existing execution models and firms can backload existing positions. FX Futures Clearing.
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Our built-to-clear FX Futures products help further enhance the collateral and margin efficiencies offered by central Clearing. FX Futures let firms trade in the exchange orderbook with all-to-all firm liquidity where everyone faces the same price. Trading FX Futures offers greater transparency via easier price discovery and trade reporting capabilities.