Wells Fargo has become the 65th settlement member bank to become a direct participant in CLS’s settlement and risk mitigation system. CLS settles payment instructions related to underlying transactions in 18 currencies:
- MXN, CAD, GBP, ILS, JPY, KRW, DKR, EUR, USD, HKD, HUF, SGD, NRK, AUD, NZD, ZAR, SKR, CHF.
and certain other transactions that result in one-way payments in a subset of those currencies. CLS settles approximately $5 trillion a day on behalf of its clients
Wells Fargo CLS membership benefits
As part of their membership, Wells Fargo will benefit from significant liquidity, operational and IT efficiencies to support its currency trading operations and enhance their longstanding focus on serving customers.
Sara Wardell-Smith, Global Head of the Foreign Exchange & International Treasury Management Division and Executive Vice President, Wholesale Banking at Wells Fargo, commented: “CLS plays a critical role in the financial markets and we are delighted to have joined as a settlement member. Mitigation of settlement risk remains a top priority for Wells Fargo and our participation in CLS will allow us to achieve this goal.”
CLS and Quandl to distribute aggregated FX data
CLS Group (CLS), a leading provider of risk mitigation and operational services for the global foreign exchange (FX) market, and Quandl, a data platform for economic and financial data, have made standardized and aggregated FX trade reports available via subscription.
This new offering allows CLS to distribute its unique set of executed trade data to the broader market in a standardized and easy-to-use manner via Quandl. Data will be made available for subscription in the form of three separate reports, showing activity by hour, day or month. These reports will contain trade volume in terms of both the number of trades and the total value in USD. The data will be aggregated by trade instrument (spot, swap and outright forward) and currency pair.
CLS settlement service for cleared FX products
CLS Group has announced it will develop a service to facilitate the settlement of cleared foreign exchange products.
CLS review Part II: implementation and the risk reduction and operational benefits
Experience of corporates who have implemented CLS, what they have to do on a daily basis, and their benefits
CLS minimises FX settlement risk and improves corporates’ FX processing efficiency
Progress report - Part I: Service continues to improve and offers best way to minimise daylight FX overdrafts, yet only used by some 50 corporates