CLS Group is same-day on dollars 23 September 2013New York Reporter: Georgina Lavers
Image: Shutterstock
CLS Group, which provides risk mitigation services to the global FX market, has expanded its offering to enable members to settle same-day US dollar and Canadian dollar trades.
Same-day settlement in the Americas has been launched in response to demand from CLS members. These trades had not previously been eligible for CLS settlement due to the cut-off times in the CLS main settlement session.
CLS is actively considering other currencies for expansion of the service, with the Mexican peso targeted for inclusion in the Americas SDS session. Initially there will be 17 participating member banks using the service, with nine of these live from launch.
David Puth, CEO of CLS, said: “We have seen significant demand from our member banks for a service that mitigates settlement risk for same-day FX transactions."
"By establishing an additional service that captures payment instructions submitted after customary CLS cut-off times, we are continuing to deliver on our mission to enhance financial stability by providing risk mitigation services to the global FX market. SDS is a major step forward in enhancing the risk mitigation, liquidity, operational and IT efficiencies delivered by CLS.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 