The Monetary Authority of Singapore has formally granted LCH.Clearnet Ltd, the global clearing house, the status of recognised clearing house. This applies to LCH.Clearnet’s EnClear (Freight Division), ForexClear and SwapClear services.
Martin Pluves, CEO, LCH.Clearnet Ltd, said: “Singapore is an established international hub for finance and we continue to see tremendous demand for our services in the region. Singapore’s proposal to introduce a mandate for the clearing of US dollar and Singapore dollar-denominated interest rate swaps in the future is a significant development and we look forward to supporting firms in meeting their clearing obligations.
“Achieving recognition status in Singapore is an important part of our growth strategy in Asia Pacific and complements other licences we have already and those we are applying for in the region. As a global CCP (central counterparty), we provide open access to clearing for members and clients across many asset classes and in multiple jurisdictions, offering greater efficiencies for their business.”