The development
LCH’s October 12, 2026 dashboard reported a September record of $296 billion in average daily cleared volume across ForexClear, up 42% from a year earlier. It also reported its first Nordic member and 153 member entities and clients. The volume is for the overall service, including multiple FX product types, rather than non deliverable forwards alone.
Source: LCH ForexClear September highlights, October 12, 2026.
FOLITIC analysis: clearing changes the workflow
A currency forward fixes terms for a future exchange or settlement. A non deliverable forward generally settles a difference against a reference fixing rather than exchanging the full underlying currencies. That makes the fixing convention and settlement currency central to understanding the exposure.
Clearing can change collateral and counterparty arrangements, but it does not remove currency risk from an unhedged directional position. A participant can still face losses and cash demands when the market moves against the contract.
What a corporate hedger should compare
Check whether the intended currency, maturity and settlement convention are supported. An invoice hedge can remain imperfect if its payment date or exchange reference differs from the contract. Access to a large service is not proof that every currency pair has equally deep liquidity.
For an institution comparing arrangements, evaluate fees, collateral eligibility and netting against the rest of its book. The reported record demonstrates activity at the service level. It does not establish an executable forward rate for a customer or guarantee a lower total hedging cost.
Photo: Historical photograph of Stave Hill and Canary Wharf, illustrating wholesale currency markets. Credit: Diliff via Wikimedia Commons. Image license: CC BY 3.0. Displayed with a responsive crop. This file photograph illustrates the subject or location and does not depict the reported transaction.
