Banca di Roma in Italy has awarded ABN AMRO the mandate for third party Continuous Linked Settlement (CLS) services. The mandate covers all the settlement traffic for the CLS eligible currencies, which represent the majority of Banca di Roma’s foreign exchange traffic.
CLS, which is designed to eliminate settlement risk between the ten eligible currencies, is due to be launched in mid-2002. As a major player in the foreign exchange markets, one of the founding members and one of 60-plus shareholder members, ABN AMRO offers a comprehensive entry point to CLS, around which it has developed a range of flexible solutions to optimise the benefits for its clients.
The Banca di Roma mandate includes ABN AMRO’s unique Private Labelling option. This allows Banca di Roma to provide access to CLS via ABN AMRO, while protecting its own brand and client base and without incurring the investment required to become a settlement member in its own right.
Mr. Aggio, Head of Global Trading and Product Manager at Banca di Roma, said: “We chose ABN AMRO because they clearly demonstrated that they could offer us the most flexible and innovative CLS solutions in the market. In particular, they differentiated themselves through their consultative approach. ABN AMRO will be working closely with us to ensure a smooth integration of CLS services and we are looking forward to a highly beneficial relationship.”
Jonathan Butterfield, Global Head of Financial Institutions at ABN AMRO Global Transaction Services said: “We are delighted to be awarded this mandate and look forward to building a successful partnership with Banca di Roma. We have a long track record and major presence in foreign exchange markets around the globe. ABN AMRO is one of the founding members of and driving forces behind the CLS concept.
We gained a market-leading position in the development of CLS products with our proven use of technology in the FX arena. These strengths combine to provide our customers with innovative, flexible and, above all, secure CLS solutions. ABN AMRO is committed to being a top global CLS provider and we will continue to develop our CLS services in the future.”