Settlement risk
CLS raises £160 million capital from shareholders
Hefty capital raise completed last week to enable CLS to meet demanding new capital requirements and support future growth
CLS same-day settlement 'positive' for CAD market, says FX committee chair
Canadian FX committee chair Donna Howard welcomes launch of same-day settlement through CLS for USD/CAD, but acknowledges associated challenges
CLS launches settlement for same-day USD/CAD trades
Settlement risk mitigation firm is due to launch a new settlement session this week for the trades settled on a same-day basis
FX options clearing a 'big challenge', warns NY Fed official
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of FX options
CLS to open Hong Kong office in bid for Asia expansion
Asia operation will open on August 20 under the leadership of Rachael Hoey, who relocates from London to become head of CLS Asia
FX Week USA: CLS expansion will be key to EM currency growth
EBS is 'holding its breath' for the ruble to be added to CLS, but regulatory affairs head cautions the addition of new currencies will take time
CLS membership will allow more ‘flexibility’, says Natixis
Natixis became a full settlement member in May, as CLS continues its mission to expand the use of the central settlement risk mitigation utility
CLS hits new record as FX volumes spike
Almost three million payment instructions were settled by CLS on Tuesday following a surge in trading volumes towards the end of last week
Forum supports board of approval to vet Russian nostro banks
Participants at the International Ruble Settlement Forum agree initiative needed to promote use of real-time settlement in Russia
Russian banks weigh up benefits of CLS membership
Local liquidity providers are pivotal to CLS success in the ruble, but Russian banks are not yet convinced of the benefits of membership
New York Fed demands better management of FX risks
Greater use of capital and collateral to mitigate all risks relating to FX trading is crucial, warns Jeanmarie Davis, head of financial market infrastructure at the NY Fed
CLS faces uphill battle to meet currency expansion targets
FX settlement system aims to add another 17 currencies within 10 years, but some caution that CLS membership doesn't make economic sense for certain emerging market currencies
CLS hires ex-New York Fed veteran to head regulation
Management changes at CLS continue with the appointment of Dino Kos, former head of FX at the New York Fed, as head of global regulatory affairs
CLS squares up to member onboarding challenges
Having added Swedbank and Lloyds as settlement members in the past two years, CLS has committed itself to further expanding its membership as well as its currencies
CLS adds Swedbank as a settlement member
The Swedish bank is the latest bank to become a settlement member of CLS, after Lloyds was added in September 2011
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published this week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
CLS aims to double currency coverage by 2022
New chief executive David Puth answers the pressure on CLS to add to its 17 currencies by setting a goal of doubling its coverage over the next 10 years
Spotlight on: David Puth, CLS
As newly appointed chief executive of CLS, FX industry veteran David Puth has a job on his hands to expand and improve the utility’s capabilities, currencies and participation to take it to where regulators and the industry need it to be. In his first…
CLS: the 10-year-old man in the middle
Ten years on from launch, CLS has come to occupy a unique and systemically important position in the global FX market. In the first of a two-part series, chairman Gerard Hartsink talks to Kathy Alys about CLS’s highs and lows in a decade as the market’s …
Concerns raised over Basel settlement risk guidance as consultation closes
The revised guidance on managing settlement risk could distort the FX market if implemented inconsistently, but should ultimately lead to greater use of CLS, say market participants
Happy birthday, CLS
Central settlement utility CLS hits its 10-year anniversary this month
Basel settlement risk guidance puts new demands on forex market
Governance, replacement cost risk, liquidity risk, operational risk and legal risk are among the issues FX banks must address, according to newly released Basel Committee guidance
CLS hires JP Morgan veteran as chief executive
David Puth will become the next chief executive of CLS, starting next week, the settlement risk utility announced today
FX market a challenge for CCPs, says New York Fed official
Central counterparties might struggle to implement clearing solutions for the FX market, says Jeanmarie Davis