Société Générale goes live on CLS’s cross currency swaps service
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Société Générale goes live on CLS’s cross currency swaps service 27 November 2024UK Reporter: Jack McRae
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Société Générale has gone live on CLS’s cross currency swaps (CCS) service.
The firms say the CCS system can be used seamlessly in conjunction with the post-trade platform MarkitWire. This can allow CCS flows to integrate into CLSSettlement and enable participants to benefit from multilateral netting against all FX transactions.
Lisa Danino-Lewis, chief growth officer at CLS, says: "The growing adoption of this service as well as the growing values submitted indicate that FX market participants are actively pursuing innovative solutions to further reduce settlement risk and improve operational efficiency."
Pierre-Jean Benazech, global head Cross CCY Swaps trading at Société Générale, comments, "We look forward to leveraging CLS’s CCS service to optimise liquidity and mitigate settlement risk. The unique PvP settlement system and netting capabilities mark a positive step forward in our efforts to optimize our foreign exchange operations."
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