• Wells Fargo third new clearing member to join LCH ForexClear in the past 12 months.
• LCH ForexClear has experienced strong growth across the service in 2024, with record volumes in June 2024.
• Record NDF Average Daily Volume (ADV) of $132 billion cleared in June 2024, a 33% increase on June 2023.
• 84 clients and 41 member entities are now live on the service.

LCH ForexClear, an LSEG business, announces that US-based bank Wells Fargo has joined as a member and has processed its first NDF trade through the service. Wells Fargo is now able to benefit from ForexClear’s offering including comprehensive margin, liquidity and netting opportunities.

Andrew Batchelor, Head of ForexClear, LCH, said: “We are delighted to welcome Wells Fargo as our latest member, as we continue to expand our offering to financial institutions globally, following the addition of two new members from Asia and Europe in 2023. Their membership reinforces our commitment to providing leading FX clearing and financial resource and risk management services to the FX market, as a growing number of firms increase their cleared flow.”

Vincent Hindman, Head of Foreign Exchange, Wells Fargo, said: “Wells Fargo is proud to be the latest member to join LCH ForexClear. Given the strategic growth of our FX platform over the last few years, it was important to unlock the margin and capital efficiencies provided through ForexClear.  As more interbank and client volume continues to migrate towards NDF clearing, this will allow us to further mitigate counterparty credit risk and lower costs through multilateral risk netting.”

LCH ForexClear has experienced strong growth across the service in 2024, with record volumes in June. As well as strong growth in NDF volumes, FX Options ADV at ForexClear increased by 126% from June 2023 to $22 billion in June 2024, with a record day of $48 billion registered on June 27, 2024.

Source: LCH