FirstRand joins CLS

South African bank joins currency settlement utility

David Puth at CLS
David Puth, chief executive of CLS

CLS announced today (November 11) that FirstRand, one of South Africa's largest financial institutions, has become the latest member of the currency settlement utility.

Founded in 1998, FirstRand is one of the five largest banking groups in South Africa and Sub-Saharan Africa. It plays an important role in the trading of the South African rand, which has been a CLS-eligible currency for 10 years. The bank's addition brings the total number of CLS settlement members to 64.

"I am extremely pleased

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