Cleared OTC FX
Subscribe to UpdatesAs global regulations change, financial institutions become more focused on capital ratios and margin requirements.
To meet your needs in bilateral trades, CME Group has developed a market-leading, cash-settled FX clearing solution, including non-deliverable forwards (NDFs) and cash-settled forwards (CSFs).
Real-time clearing 24 hours a day, five days a week
Aggregate positions in a single account directly with CME Clearing or via an FCM
Reduce margin requirements through counterparty netting
Reduce line items and gross notional to benefit leverage ratio through compression tools
Optimize funding costs through a variety of accepted collateral to meet initial margin requirements
Our cash-settled solution offers:
- Superior cost and capital efficiencies compared to physically delivered products
- Streamlined onboarding with automated account setup for clients who already have IRS clearing accounts
- Cross-margining against all OTC FX products
- Platform agnostic service via CME Clearport that is compatible and connected with industry platforms including Markitwire, Traiana and Bloomberg VCON
USD Settlement currencies:
EUR/USD*, AUD/USD*, GBP/USD*, USD/SEK, USD/DKK, NZD/USD, USD/NOK, USD/HKD, USD/HUF, USD/ILS, USD/MXN, USD/SGD, USD/PLN, USD/ZAR, USD/CZK, USD/TRY, USD/THB
Non-USD, T+1 settlement currencies:
USD/CAD*
Non-USD, T+2 settlement currencies:
USD/CHF*, USD/JPY*, AUD/JPY, EUR/JPY, CAD/JPY, EUR/AUD, EUR/CHF, EUR/GBP*
* 10am NY & 4pm London fixing
Global regulation has increased the focus on capital ratios and margin requirements on bilateral trades.
Learn how, by clearing your NDF trades through CME, you can benefit from capital and operational efficiencies by reducing line items and gross notional with the FX blending tool.
Watch a simple worked example using USD/BRL non-deliverable forwards and see how FX blending can help your NDF portfolio. Understand how the tool calculates and compresses the trades, whilst maintaining the same risk profile, and generates reductions.
Non-Deliverable Forwards
| Currency Pair | USD Equivalent Volume | USD Equivalent Open Interest |
|---|---|---|
| USD/BRL | $0 | $0 |
| USD/PHP | $0 | $0 |
| USD/INR | $0 | $0 |
| USD/KRW | $0 | $0 |
| USD/CNY | $0 | $0 |
| USD/IDR | $0 | $0 |
| USD/TWD | $0 | $0 |
| USD/CLP | $0 | $0 |
| USD/COP | $0 | $0 |
| USD/PEN | $0 | $0 |
| USD/RUB | $0 | $0 |
| NDF Total | $0 | $0 |
Cash-Settled Forwards
| Currency Pair | USD Equivalent Volume | USD Equivalent Open Interest |
|---|---|---|
| 4pm London Fixing | ||
| AUD/JPY | $0 | $0 |
| AUD/USD | $0 | $0 |
| CAD/JPY | $0 | $0 |
| EUR/AUD | $0 | $0 |
| EUR/CHF | $0 | $0 |
| EUR/GBP | $0 | $0 |
| EUR/JPY | $0 | $0 |
| EUR/USD | $0 | $0 |
| GBP/USD | $0 | $0 |
| NZD/USD | $0 | $0 |
| USD/CAD | $0 | $0 |
| USD/CZK | $0 | $0 |
| USD/CHF | $0 | $0 |
| USD/DKK | $0 | $0 |
| USD/HKD | $0 | $0 |
| USD/HUF | $0 | $0 |
| USD/ILS | $0 | $0 |
| USD/JPY | $0 | $0 |
| USD/MXN | $0 | $0 |
| USD/NOK | $0 | $0 |
| USD/PLN | $0 | $0 |
| USD/SEK | $0 | $0 |
| USD/SGD | $0 | $0 |
| USD/THB | $0 | $0 |
| USD/TRY | $0 | $0 |
| USD/ZAR | $0 | $0 |
| 10am NY Fixing | ||
| AUD/USD | $0 | $0 |
| EUR/GBP | $0 | $0 |
| EUR/USD | $0 | $0 |
| GBP/USD | $0 | $0 |
| USD/CAD | $0 | $0 |
| USD/CHF | $0 | $0 |
| USD/JPY | $0 | $0 |
| CSF Total | $0 | $0 |
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