CLS Group Holdings AG (CLS Group) announced today that American International Group, Inc. (AIG) has become a shareholder of CLS Group. It is expected that AIG, through its subsidiary AIG Trading Group Inc. (AIG Trading), will participate in CLS Bank International (CLS Bank), the provider of Continuous Linked Settlement (CLS™), the payments settlement system for the foreign exchange market. AIG Trading will be coordinating AIG member companies’ foreign exchange settlements with CLS. AIG becomes the 67th shareholder of CLS.
“As we add new shareholders and new currencies we increase the value of the CLS service for our shareholders and the financial services market – increasing the number of CLS counterparties who can settle with reduced risk and cost ,” says Joseph De Feo, CEO of CLS Group . ” AIG adds a new financial market sector to our shareholder base that we welcome.”