LCH Limited, a global clearing house and part of LSEG’s Markets Division, today announced that Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”), the flagship overseas business of ICBC Group, has joined LCH SwapClear as a direct clearing member.
This membership grants ICBC (Asia) and by extension, the broader ICBC Group, full access to LCH SwapClear’s multi-currency clearing capabilities, reflecting the bank’s growth ambitions in the international derivatives market.
In addition, ICBC (Asia) is able to pledge USD- and EUR-denominated Chinese Government Bonds to LCH, following an LCH initiative in May 2025 to make these collateral types eligible, unlocking new avenues for funding efficiency. The bank also plans to join LCH’s ForexClear service by the end of the year, enabling it to leverage a dedicated clearing solution for foreign exchange derivatives.
Mr Xu Lei, Deputy Chief Executive, ICBC (Asia), said:
“Becoming a direct clearing member of LCH SwapClear is an important strategic initiative for ICBC (Asia), and reflects the substantial growth we have achieved in both transaction volumes and outstanding positions with LCH. Direct membership will deliver enhanced risk management capabilities, improved cost efficiency, and access to deeper liquidity pools, which will directly strengthen our support for clients’ expanding business needs. We welcome LCH’s progress in accepting Chinese Government Bonds as eligible collateral and look forward to further developments in this initiative. We’re also excited about our upcoming membership in ForexClear and the opportunities it will bring.”
Mrs Susi de Verdelon, CEO, LCH Limited, said:
“We are proud to welcome ICBC (Asia) to LCH SwapClear. Their membership represents a significant milestone in our ongoing commitment to supporting the growth of cleared derivatives across Asia and marks an exciting expansion of our network in the region. We look forward to collaborating with ICBC (Asia) on future product innovation that addresses the evolving needs of market participants across the region.”
Since 2020, LCH has added 18 new members in Asia Pacific across the rates, FX, and repo markets. Many more institutions have adopted its post trade solutions, leveraging a comprehensive suite of optimisation and workflow tools tailored to bilateral derivatives.
These solutions help regional banks overcome operational constraints, manage risk more efficiently, and scale with confidence. ICBC (Asia)’s membership in LCH SwapClear further expands the participation of Chinese banks, underscoring the deepening engagement of Chinese institutions with global clearing infrastructure.
This development comes in the same year as the signing of a Memorandum of Understanding (MoU) between LCH and the Hong Kong Monetary Authority’s Central Moneymarkets Unit (CMU) OmniClear. The MoU aims to enable full multilateral netting and guaranteed settlement of various CNH FX derivatives, thereby removing a significant barrier to increased trading activity, while exploring the inclusion of other currencies based on market adoption and demand.
