Margin rules lead to rise in Asian NDF clearing volumes

LCH and Eurex position themselves for NDF clearing uptick ahead of next UMR phase

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Interest in clearing Asian currency non-deliverable forwards (NDFs) is growing, as buy-side firms in the region seek to reduce the amount of margin they need to post under new rules for uncleared trades.

Data from LCH shows a steady rise in client clearing of FX trades over the past 12 months. It saw its highest ever volumes in September of US$28 billion, with three of the top four cleared NDF currencies being Indian rupee, Korean won and Taiwanese dollar.

“Interest in NDF clearing has

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