LCH Ltd, a leading global clearing house, announced today that it has established deposit and intraday liquidity facilities with Norges Bank, the central bank of Norway.
LCH is now settling its Norwegian Krone payments via the central bank.
As part of the account opening process, LCH has become a direct member of NBO, the payments system operated by Norges Bank which allows financial insititutions to settle payment obligations on a real-time gross settlement basis.
Martin Pluves, CEO, LCH Ltd, said: “As a global leader in clearing and risk management, LCH is delighted to announce the opening of this new account with Norges Bank. Adding this central bank account strengthens credit and liquidity risk management at the CCP and expands sources of liquidity, in line with international standards for financial market infrastructures.”
LCH also maintains central bank concentration accounts in Australian Dollars, Canadian Dollars, Euros, Sterling, and Swiss Francs.