- Hana Bank has gone live as a client clearing FX derivatives at LCH
- Societe Generale is acting as Hana Bank’s clearing broker
- Members and clients of ForexClear benefit from enhanced risk management, as well as margin, capital and operational efficiencies
- Further demonstration of ForexClear’s continued growth in Asia and globally
James Pearson, Head of ForexClear, LCH, said: “As phase 5 of the uncleared margin rules rapidly approaches, we are seeing increased demand for clearing from firms looking to optimise their derivatives portfolios. South Korea has a vibrant FX and derivatives market and we are delighted to welcome Hana Bank as the first from the country to clear at ForexClear.”
Youngsun Moon, Head of FX&Derivatives Trading Section, Hana Bank, said: “We are proud to offer our customers a wide range of FX services. Having access to ForexClear allows us to effectively manage our risk while benefitting from a number of efficiencies associated with clearing. We are pleased to be the first Korean bank to use the service, and believe this will help us to expand our position as the best Foreign Exchange Provider in Korea to the global market.”
Eric Jungers, Head of Prime Asia, Societe Generale, said: “As a global leader in FX and OTC Clearing, Societe Generale is proud to support Hana Bank in clearing its first FX derivatives on LCH. The transaction is a testament to our Prime Service and OTC Clearing capability in Asia – a key region for the development of our activities. We look forward to continue supporting our clients in the region in their pursuit of capital and operational efficiencies.”
