NYK Line gains access to CLSSettlement 19 December 2024US Reporter: Clelia Frondaroli
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NYK Line, a global shipping and logistics company based in Japan, has today gained access to CLSSettlement as a third-party participant.
The company says its participation in CLSSettlement means it will be able to access FX settlement risk mitigation, while benefiting from operational and funding efficiencies through the CLS’s payment-versus-payment (PvP) system.
The firm is settling its FX transactions in CLSSettlement via its third-party service provider, MUFG Bank, which is supported by Bloomberg FXGO confirmation and settlement services (FXGO-CMS). As a result of CLS’s settlement service, NYK Line is said to also gain enhanced liquidity and flexibility in FX execution.
Lisa Danino-Lewis, chief growth officer at CLS, states: “By using CLSSettlement, NYK Line and other large multinational corporations can enhance their risk management, FX operations, cash management and settlement processes.”
Takashi Kurokawa, general manager of finance group at NYK Line, adds: “By accessing CLSSettlement through MUFG and utilising Bloomberg’s matching service, we expect to further reform our operations and strengthen our cost competitiveness.”
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Image: Summit Art Creations/stock.adobe.com 