CLSSettlement has accepted China CITIC Bank International Limited (CNCBI) as a third-party client.
CNCBI is the first Chinese bank to be accepted on to the platform.
CLS explained that the latest addition of CNCBI in Asia Pacific signifies an overall growth in third-party participation in CLSSettlement throughout the region.
Bai Lijun, executive director, alternate CEO and treasurer at CNCBI, said: "By becoming a participant in CLSSettlement, CNCBI aims to mitigate settlement risk, reduce operational costs related to foreign exchange trading, and create opportunities for business expansion by enabling CNCBI to do more business with a larger number of counterparties."
Margaret Law, head of client management, Asia Pacific at CLS, commented: "Expanding third-party participation in CLSSettlement is a key part of our business growth strategy in Asia Pacific.”
She added: “CLS was created by the industry for the industry and the addition of CNCBI indicates that third parties are becoming more actively involved in managing settlement risk, as part of a broader movement in the region toward demonstrating best practices and achieving operational and liquidity efficiencies. Overall, this will help to build a more robust global foreign exchange market."
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