CLS Group Holdings AG says that the Bank of China Ltd has become a Shareholder of CLS Group, bringing the total number of banking and financial institutions as Shareholders to 69. They join a Shareholder group that consists of many of the world’s largest commercial and investment banking organisations.
Bank of China (Hong Kong) Limited will in due course apply to become a Settlement Member of CLS Bank International, the provider of Continuous Linked Settlement (CLS), a global banking settlement system for the foreign exchange market. A total of 57 Member banks are now settling payment instructions associated with foreign exchange trades through CLS Bank, with over 750 customers of Members also live. CLS Bank is now settling on average over 260,000 instructions each day, with a gross value in excess of USD 2.9 trillion.
“I am pleased to welcome Bank of China to our enlarged Shareholder group,” says Rob Close, CEO of CLS Group and President and CEO of CLS Bank. “China is a very important part of the global economy and will see significant growth in its financial sector in the coming years. As our first Chinese Shareholder we look forward to providing it with the same risk, liquidity and efficiency benefits of CLS that our growing community of participants continues to experience.”
“As a leading foreign exchange bank in the PRC, we can better manage settlement risk in the foreign exchange market and improve fund use efficiency after joining CLS and adopting its advanced, safe and efficient settlement model, thereby further enhancing our risk management and liquidity management,” adds Li Lihui, the President of the Bank of China.