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Cross currency swaps

Find out more about how the settlement of cross currency swaps can benefit your business.

» Publications – Product brief

 Cross currency swaps

CLS and Markit have developed a payment-versus-payment (PvP) settlement service for the cross currency swaps market.

Cross currency swap trades expose counterparties to significant settlement risk due to the high value of the initial and final principal exchanges.

The service leverages CLS's existing unique PvP settlement service and netting capabilities and uses Markit’s trade booking platform, MarkitWire, to manage message flows into CLS.

It allows participants to continue to book and confirm their cross currency swap trades through MarkitWire. For trades that are eligible for settlement in CLS, MarkitWire sends the related instructions to CLS on behalf of each counterparty.

In addition to mitigating settlement risk for these trades, participants will also benefit from:

  • Increased operational efficiencies
  • Reduced liquidity and payment demands.

To find out more download the product brief or contact us to discuss your needs.