First Abu Dhabi Bank and UBS connect to CLSNet

The duo join a growing community of global and regional banks, which includes Deutsche Bank, Mashreq and Standard Chartered.  

By Chris Lemmon

First Abu Dhabi Bank (FAB) and UBS have gone live on CLS’s bilateral payment netting calculation service, CLSNet.  

CLSNet standardises and centralises post-trade processes for global currency, with the aim of reducing risk, enhancing efficiency and improving liquidity for FX market participants.  

The platform has seen a 179% year-on-year increase in the average daily notional of net calculations in H1 2022.  

Lisa Danino-Lewis, chief growth officer of CLS, said: “We are delighted that FAB and UBS have gone live on CLSNet. The escalating interest in CLSNet is a testament to its centralised model. Through the expanding global network, market participants will be able to maximize the intraday liquidity, operational efficiency and risk mitigation benefits of the service.” 

Steve Forrest, global head FX operations at UBS, added: “CLSNet will enable us to address our wider post-trade processing needs and automate our bilateral netting activity with fellow participants. Further, as a centralised infrastructure, it not only delivers risk mitigation for participants but also facilitates front office benefits such as liquidity optimisation and reduced funding requirements.”