- CLS welcomes China CITIC Bank International Limited to settlement service

    CLS, a market infrastructure group delivering settlement, processing and 
data solutions, announced today that China CITIC Bank International Limited 
(CNCBI) is the first Chinese bank to access CLSSettlement as a third-party 
client.
    
    Logo: https://mma.prnewswire.com/media/956572/CLS_Logo.jpg

    The latest addition of CNCBI in Asia Pacific signifies an overall growth in 
third-party participation in CLSSettlement throughout the region. This momentum 
has been driven by a 21% increase in the overall number of third parties 
(regional/third-party banks, funds, corporates and non-bank financial 
institutions), as well as the increase of 36% in average daily gross volumes 
settled by third-party participants in the last three years. 

    The industry drivers leading to the increased use of CLSSettlement among 
third-party clients in Asia Pacific include the heightened awareness of risks 
associated with FX settlement, the ability to demonstrate proactive adoption of 
global best practices in mitigating risks and establishing stronger controls, 
the drive to improve operational efficiency, and reduce costs. In addition, 
industry initiatives such as the introduction of the FX Global Code have 
further increased awareness of the need to adopt a best practice approach to 
settlement and post-trade processing among all FX market participants. 

    Mr Bai Lijun, Executive Director, Alternate Chief Executive Officer and 
Treasurer, CNCBI, said, "By becoming a participant in CLSSettlement, CNCBI aims 
to mitigate settlement risk, reduce operational costs related to FX 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, CLS added, 
"Expanding third-party participation in CLSSettlement is a key part of our 
business growth strategy in Asia Pacific. 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 FX market."

    About CLS 

    CLS helps clients navigate the changing FX marketplace – reducing risk and 
creating efficiencies. Our extensive network and deep market intelligence 
enable CLS specialists to lead the development of standardized solutions to 
real market problems. Our innovative, forward-looking products make the trading 
process faster, easier, safer and more cost-effective – empowering our clients' 
success.


    Source: CLS