UOB joins LCH SwapClear and ForexClear as as direct clearing member

UOB is the first SEA bank to join ForexClear as a direct member.

United Overseas Bank (UOB) is now a direct clearing member of LCH SwapClear and LCH ForexClear.

This makes UOB the first Southeast Asian bank to join as a direct member of ForexClear.

UOB’s joining also marks the completion of all Singapore local banks joining as direct members of SwapClear.

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UOB group head of global markets Leslie Foo said that the bank is proud to be the first ForexClear member in Southeast Asia.

“Our partnership with LCH will enable us to unlock further liquidity across multiple asset classes, particularly as regulations have placed greater financial resource requirements across our portfolios. We will also benefit from LCH’s world class risk management solutions and the capital and margin efficiencies that it will enable across our rates and FX clearing activity,” Food said.