BidFX, a cloud-based provider of electronic foreign exchange trading solutions, is introducing support for FX clearing to investment managers via OSTTRA’s clearing connectivity service.

Integration with OSTTRA’s clearing connectivity solution provides Bid FX clients with the ability to submit trades directly to leading CCPs. Participants trading on BidFX can benefit from having their FX NDF trades submitted directly for clearing, at multiple CCPs, without the need to build out direct clearing connectivity. BidFX clients wishing to clear trades will immediately benefit from an established community of more than 30 executing bank clearing counterparties

With the implementation of phase six of the Uncleared Margin Rules (UMR) later this year (September), buy-side firms looking to optimise their balance sheets will currently be weighing up whether, or not, to clear more of their FX trades. As investment managers evaluate the costs and operational challenges of these margin requirements, the connectivity between BidFX and OSTTRA will benefit those who choose to clear more of their FX flow.