Additional Participants Join CLS’s DLT Bilateral Payment Netting Service

Additional Participants Join CLS’s DLT Bilateral Payment Netting Service
12.02.2020 09:23 am

Additional Participants Join CLS’s DLT Bilateral Payment Netting Service

Data Management

CLS, a market infrastructure delivering settlement, processing and data solutions, today announces that Actinver, BNP Paribas, Citibank and J.P. Morgan are live on CLSNet, a standardized, automated bilateral payment netting calculation service for over 120 currencies operating on a distributed ledger technology (DLT) platform. 

 

There are now nine market participants live on CLSNet, including Bank of America, Bank of China (Hong Kong), Goldman Sachs, Intesa Sanpaolo and Morgan Stanley, with several other market participants due to join over the coming year.

 

CLSNet standardizes and increases the levels of payment netting in the FX market, enabling improvements to intraday liquidity, greater operational efficiency and increased risk mitigation for non-CLS-settled currencies, many of which are in emerging markets that are growing faster than those in current CLS jurisdictions. 

 

In addition to existing CLS settlement members, CLSNet can be used directly by non-CLS banks and the buy side, enabling a wider group of market participants to benefit from the reduction in operational costs and risk the service delivers.

 

Alan Marquard, Chief Business Development Officer, CLS, said: “The addition of these latest participants is testament to the value which CLSNet is delivering to the FX market. The service continues to gain flow and participants and is operating efficiently. We will continue to invest in the growth and resilience of the service and have a roadmap of enhancements that will further expand the value proposition to clients.”

 

Héctor Sánchez, Head of Operations, Actinver added: “CLSNet will enable us to address our wider post-trade processing needs and increase our operational efficiency by optimizing liquidity, enabling real-time awareness of currency and counterparty exposures, and reducing risk.”

 

Joe Nash, Foreign Exchange and Local Markets Digital COO, BNP Paribas, added: “We are looking forward to seeing significant benefits to BNP Paribas in the form of reduced operational processes and associated risks, as well as support for business growth in the trading of non-core currencies.”

 

Mike Lawrence, Global CAO Rates & Currencies, Citibank said: “We are delighted to become a participant of the CLSNet service. CLSNet brings high-quality industry standardization to previously fragmented and inefficient bilateral netting models. It will enable broader access to settlement netting as a risk mitigant at an industry level, whilst delivering significant operational efficiencies as the network builds.”

 

Brian Gallagher, Managing Director, Markets Operations, J.P. Morgan, said, “CLSNet will bring efficiencies in the FX settlement for non-CLS settled transactions and provide other valuable benefits to our FX business.”

Related News

Asset Control Wins Best Data Management Solution For Regulatory Compliance

Asset Control, a leading solutions provider of managed data services for data mastering and analytics, has won ‘... Read more »

RIMES launches BMR Dashboard service to help asset managers overcome uncertainty and volatility around risk exposure

RIMES, the global leader in data management and RegTech solutions, today announced the launch of the ... Read more »

HESTA selects GoldenSource Nexus to overhaul investment data management

GoldenSource, the leading independent provider of Enterprise Data Management (EDM) and Master Data Management (MDM) solutions announced today that HESTA is live with the... Read more »

NatWest Prolongs Contract with Artesian Solutions’ Relationship Intelligence and Customer Insight Platform

NatWest, part of the Royal Bank of Scotland Group, has today announced the renewal of its agreement with Artesian Solutions as the Banks’s core relationship intelligence and... Read more »

Spectra Helps Customers Modernise IT Architectures with StorCycle Software 3.0 and Enhancements to its Data Storage Portfolio

Spectra Logic, a leader in data storage and data management solutions, today announced that StorCycle, its new Storage... Read more »

Ultumus Opens US Office in Support of Rapidly Expanding Business

ULTUMUS, the specialist ETF and benchmark managed data service company has announced today that they have opened a US office in support of its rapidly growing business in the... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel