LCH to clear over-the-counter FX NDFs in Japan

Until now, Japanese-based entities relied on overseas subsidiaries to clear FX trades

Accessing Japan: the move reaffirms LCH's long-term commitment to the country, says Kate Birchall

LCH has received the required authorisation from Japan’s Financial Services Agency to clear over-the-counter foreign exchange non-deliverable forwards (NDFs) for market participants in the country.

Japan-based banks hitherto relied on their overseas subsidiaries to clear FX NDFs through LCH’s ForexClear.

The authorisation to clear NDFs is an extension to the clearing licence received by LCH in 2016, to clear non-yen OTC interest rate derivatives in Japan.

“Tokyo is home to one of the world’s

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