First Abu Dhabi Bank (FAB) and UBS have gone live on CLSNet, data solutions provider CLS’ bilateral payment netting calculation service.
The platform standardises and centralises post-trade processes, reducing risk and improving efficiency and liquidity across the global market for foreign exchange (FX) market participants.
CLSNet supports adherence to the foreign exchange (FX) Global Code, automatically validating and marching up trade instructions to predetermined cut-off times between counterparties for each currency. This improves straight-through processing rates and reduces the risk of currency flows not settling through CLSSettlement.
Covering more than 120 currencies for FX products, CLSNet is used by a growing number of regional and global banks. Among those connected to the platform are Deutsche Bank, Mashreq and Standard Chartered.
Lisa Danino-Lewis, chief growth officer at CLS, says: “The escalating interest in CLSNet is a testament to its centralised model. Through the expanding global network, market participants will be able to maximise the intraday liquidity, operational efficiency and risk mitigation benefits of the service.”
Steve Forrest, global head of FX operations at UBS, adds: “CLSNet will enable us to address our wider post-trade processing needs and automate our bilateral netting activity with fellow participants. 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.”
