CLS Group, a leading provider of risk management and operational services for the global foreign exchange (FX) market, has expanded the number of settlement members accessing its service with the addition of Daiwa Securities Group.

Daiwa Securities Group is one of the largest financial institutions in Japan. It joins 65 other financial institutions in becoming a direct participant in CLS’s settlement and risk mitigation system – which settles approximately USD5 trillion a day on behalf of its clients.

Japan remains one of the largest international hubs for currency trading in Asia. Recent data from the Tokyo FX Market Committee’s semi-annual FX turnover survey found that a daily average of USD407 billion was traded in April 2016 – an increase of 5% from October 2015.