United Overseas Bank (UOB) has become the first Singaporean financial institution to join the London Stock Exchange Group’s (LSEG) non-deliverable forwards (NDF) matching platform. UOB successfully completed its first trade on the platform using LCH ForexClear for clearing, reports The Trade.
LSEG’s NDF matching platform, which launched in November 2023, is designed for the global foreign exchange (FX) market. The platform combines the functionality of a central limit order book (CLOB) with the advantages of clearing, aiming to enhance market transparency and reduce counterparty risk.
The platform, supported by the Monetary Authority of Singapore (MAS), represents the initial phase of LSEG’s broader plan to re-platform its FX venues using its core technology. This development is part of LSEG’s efforts to strengthen its presence in the Asian FX market, particularly in non-deliverable forwards, which are commonly used in emerging markets where currency convertibility is limited.
