Taipei Fubon Bank commits to CLSNet 07 December 2023Taiwan Reporter: Jack McRae
Image: Richie Chan
Taipei Fubon Bank has committed to using CLSNet, becoming the first Taiwanese bank to do so.
CLSNet, a bilateral payment netting calculation service, offers standardisation and automation through a centralised platform. CLS claims that the service mitigates risk, reduces operational costs and optimises liquidity for its participants.
CLSNet’s average daily notional value of net calculations consistently exceeds US$105 billion — in September 2023, it netted a record daily notional value of US$367 billion.
Lisa Danino-Lewis, chief growth officer at CLS, says: “We are delighted that Taipei Fubon Bank, our first Taiwanese bank, has agreed to join the CLSNet global network. This latest addition underscores the growing focus from foreign exchange market participants on the importance of risk mitigation, operational efficiency and liquidity management. At CLS, we are committed to growing CLSNet and are excited to further expand our services in the APAC region.”
James Wang, head of operations at Taipei Fubon Bank, builds on this sentiment: “By becoming a participant in CLSNet, we will be able to access unparalleled levels of standardisation and centralisation in our post-trade processes. Furthermore, joining the service will enhance our operational efficiencies, reduce risk and lower our costs.”
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Image: Richie Chan 