Vanguard begins clearing NDFs on LCH

US
mutual
fund
manager
Vanguard
has
begun
clearing
its
non-deliverable
forward
(NDF)
transactions
at
LCH
ForexClear,
according
to
three
sources.

It
is
understood
the
Philadelphia-based
firm
started
clearing
its
NDFs
through
a
clearing
member
bank
earlier
this
year.

A
spokesperson
for
Vanguard
did
not
respond
to
a
request
for
comment.
A
spokesperson
for
LCH
declined
to
comment.

While
there
is
no
mandatory
clearing
requirement
for
NDFs,
almost
all
of
the
interbank
NDF
market began
to
be
centrally