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South Korea’s Hana Bank has gone live as a client clearing FX derivatives at clearing house LCH, the first bank in the country to do so.
French multinational investment bank and financial services company Societe Generale is acting as Hana Bank’s clearing broker.
LCH offers clearing services to members and clients across the globe, providing risk management capabilities across a range of asset classes, including OTC and listed interest rates, fixed income, foreign exchange, credit default swaps, equities, and commodities.
Headquartered in Seoul, Hana Bank is South Korea’s largest foreign exchange bank, providing the country’s largest range of foreign exchange products.
LCH ForexClear head James Pearson says: “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.
“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.”
Hana Bank’s head of FX&Derivatives trading section Youngsun Moon comments: “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 benefiting 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.”
Societe Generale’s head of prime Asia Eric Jungers says: “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 continuing supporting our clients in the region in their pursuit of capital and operational efficiencies.”
