Societe Generale to Use ForexClear as CCP
LCH.Clearnet's platform used for OTC clearing offering
The move marks the first Futures Commission Merchant (FCM) to go live with direct connectivity to ForexClear, which is made possible through the ClearLink Application Programming Interface (API).
Societe Generale is ForexClear's 21st member and fourth FCM, said Gavin Wells, global head of ForexClear at LCH.Clearnet, in a statement. Wells added that existing members have cleared $2 trillion since ForexClear's launch.
According to a statement from Andrew Salter, who works in FX and IRS product development at Societe Generale, the firm will work with ForexClear to launch their international client clearing model, including the testing and launch of its swap execution facility (SEF) and credit hub.
"As the industry marches towards mandatory clearing, Societe Generale is committed to enhancing its OTC Client Clearing service, adding leading CCPs─ like ForexClear─ to give clients a secure and transparent service," Salter said.
Societe Generale was named the best IT team this month at Waters' American Financial Technology Awards.
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