LCH.Clearnet has been granted recognised clearing house status by the Singapore financial regulator, marking the latest European clearer to branch into the city state.
The approval from the Monetary Authority of Singapore (MAS) applies to EnClear, its freight division, ForexClear and SwapClear, its interest rates swaps clearing service.
“Achieving recognition status in Singapore is an important part of our growth strategy in Asia Pacific and complements other licences we have already and those we are applying for in the region,” said Martin Pluves, CEO, LCH.Clearnet.
“Singapore’s proposal to introduce a mandate for the clearing of US 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.”
The approval of the London-based clearing house marks the latest Western CCP to grow its presence in Singapore.
Last year Atlanta-based group ICE launched a futures exchange and clearing house in Singapore, and Germany’s Eurex is set to launch the same.
LCH.Clearnet currently operates an interest rate swaps clearing service in Australia.