Wall Street Systems, the provider of treasury systems, has enhanced its Continuous Linked Settlement (CLS) solution in an effort to ensdure it keeps up with the demands of its banking and corporate clients.
The enhancements include support of the settlement of custody transactions with fund managers, and the development of interfaces with providers of third-party CLS Bank services.
Hewlett-Packard (HP), a Wall Street Systems client since 1996, will be the first corporate to go live on CLS in November this year.
“CLS has achieved more than could have been hoped in the two years since it went live,” says Mike Thrower, director of marketing and business development at Wall Street Systems. “It has practically eliminated settlement or Herstatt risk, and CLS Bank is now the clearing house for eligible FX trades from 56 settlement members and 170 third-party users. In the last year, we have seen a number of changes to the CLS world, and The Wall Street System CLS module has evolved with the market to meet our clients’ needs.
By being our first corporate client to take advantage of the many benefits CLS offers, HP once again shows it is at the forefront of the market, committed to achieving ever higher rates of STP.”