Three new additions for CLS’ cross currency swaps service
The service forms part of CLSSettlement which has seen a 38% year on year increase in cross currency swaps for the first half of 2023.
The service forms part of CLSSettlement which has seen a 38% year on year increase in cross currency swaps for the first half of 2023.
The move marks a change in FX settlements, allowing market participants to significantly reduce their settlement exposure and associated risks.
The pilot within CLSSettlement addresses various public policy initiatives to encourage PvP adoption.
The project, named Convergence, includes the migration of CLSSettlement onto its Unified Services Platform (USP).
The Code will place greater importance on the use of PvP settlement mechanisms and promote the use of automated settlement netting systems.
The new combined platform will give asset managers further transparency into their transaction lifecycles with a consolidated view of FX settlement data across accounts.
Same-day FX settlement service CLSNow has gone live with JP Morgan and Goldman Sachs among the first to use the platform.
FX settlement system names new CEO following exit of David Puth in September 2018.
The pension fund will act as a pilot fund for State Street and is the first to migrate its FX settlement to CLS in Japan.
The introduction of Japanese funds onto the FX settlement service follows a multi-year effort to onboard the Japanese buy-side community to CLSSettlement.