LogicaCMG has won a contract to supply LogicaCMG CLS Manager(LCM) to Danske Bank A/S to help the bank expand its third party Continuous Linked Settlement (CLS) capability for corporate and institutional clients.
Danske Bank A/S is the largest bank in Denmark and a leading player in the Scandinavian financial markets. It also has a large number of international corporate clients, particularly in the northern European markets. CLS is the world’s largest system for the settlement of foreign exchange transactions.
LogicaCMG CLS Manager (LCM) supports CLS member banks and their third parties in the control, reconciliation and automation of their CLS business. LCM provides the bank with an application which can be easily deployed in third parties around the globe to support their CLS processing. LCM is already in use in a number of CLS settlement banks.
Since the launch of the CLS system in 2002, the services being offered through CLS continue to expand with the introduction of new instruments such as Non Deliverable Forwards and Option Premiums. LogicaCMG continues to expand and enhance the LCM product to ensure that its clients are able to take advantage of these new services as soon as they become available.
“We are delighted that Danske Bank has chosen LCM as the platform to extend and grow its CLS business. Clearly the combination of LogicaCMG’s product solutions and CLS experience together with our proven deployment strategy will provide an excellent low-risk, highly functional solution for the bank,” says Tim Brew, sales director of LogicaCMG’s Global Products Unit.