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