Singapore grants recognition to LCH.Clearnet
LCH.Clearnet announced it has received formal clearinghouse status from the Monetary Authority of Singapore. The recognition, which applies to three of its clearing services, ForexClear, EnClear and SwapClear, effectively means that firms will be able to use LCH.Clearnet as they comply with Singapore's upcoming mandatory clearing obligations.
"Singapore's proposal to introduce a mandate for the clearing of U.S. 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," LCH.Clearnet's Martin Pluves said in a statement. "Achieving recognition status in Singapore is an important part of our growth strategy in Asia Pacific and complements other licenses we have already and those we are applying for in the region."
