Clearing and settlement
Counterparty risk is driving industry change
The question of counterparty risk is leading to some significant changes in the foreign exchange business, chiefly in introducing innovative ways to manage this risk.
The confusion over central clearing
Over the past month, the concept of central counterparty (CCP) clearing has taken centre stage, as concerns over counterparty risk consume the market in the aftermath of the collapse of Lehman Brothers in September.
SPECIAL FEATURE: CLS settlement: the next five years
This month marks the five-year anniversary of CLS. FX Week and Rob Close, president and CEO of CLS Bank, discuss the past five years and the future of the industry utility
CME, Reuters finalise FXMarketSpace
CHICAGO & LONDON – The Chicago Mercantile Exchange (CME) and Reuters are making final preparations for the launch of their joint-venture platform, FXMarketSpace.
CLS data shows rising usage
Settlement system CLS has started publishing in detail weekly volume and value figures on a monthly basis. For the month of October, the system settled an average of 215,016 instructions a day with a value of $2.2 trillion.
CLS PROFILE: the benefits of membership
Newton Investment Management, a UK fund management subsidiary of Mellon, joined CLS as a third-party member in March 2004. Mohsin Siddiqi (right), supervisor, trade operations, explains what drove the decision to join the system and what benefits it has…
CLS THREE YEARS ON: CLS set to corner settlement market
Three years after its creation, the continuous-linked settlement service (CLS) looks to be on track to meet its goal of getting 90% of spot FX trades settled in five years, with well over 50% of trades transacted using the system already.
Rivals gear up for FX clearing
LONDON – The stage is set for a central counterparty clearing (CCP) system for FX as two potential providers moved their plans forward last week.
Central counterparty clearing on the way
LONDON – LCH.Clearnet is planning to launch the first central counterparty clearing service for foreign exchange, in a move that could challenge the role of continuous-linked settlement (CLS).
Merrill to settle its forex trades via Citi
NEW YORK -- Citigroup has won a coveted deal to settle Merrill Lynch’s forex trades on its behalf on the new Continuous Linked Settlement (CLS) service for FX.
CLS settlement "100% on time"
NEW YORK -- Despite some disruptions, trade settlement on the new Continuous Linked Settlement (CLS) service for FX has seen 100% ‘on-time’ performance since its September 9 launch.
Payments banks in CLS lead
NEW YORK -- Banks with traditionally strong payments businesses are winning the race for CLS third-party clients, according to consultancy Capco.
Fundtech in front for CLS vendors
JERSEY CITY -- More CLS Settlement Members -- banks holding direct accounts with FX settlement service CLS -- have used Fundtech to process their payments than any other vendor.
Singapore banks link for CLS
Singapore -- Three Singaporean banks will go live this December with a joint back-office processing link to the Continuous Linked Settlement (CLS) service for foreign exchange.
CLS authorises third-party services launch
LONDON -- CLS Bank today (November 4) authorised its Settlement Members to offer Continuous Linked Settlement to their banking customers.
CLS News 1
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CLS reaches $1 trillion volume
The CLS Group last week announced that it has settled payments instructions of more than $1 trillion in value since its September 9 launch.