Get In Touch
Find out more about how CLSNet works and how it can benefit your FX business.
» Email Us
CLS is developing a payment netting service - CLSNet - for buy-side and sell-side institutions’ FX trades that are settled outside the CLS settlement service.
The global FX market is limited by the lack of a standardized payment netting process for trades not settled within CLS. In many cases, institutions are forced to intervene manually to complete the process. This leads to inconsistent and bespoke approaches to netting throughout the market, resulting in higher costs and increased intra-day liquidity demands.
CLS’s netting capabilities are an integral component of the settlement service its members and third-party clients benefit from every day. This existing capability, combined with the company’s position as a trusted post-trade partner, means CLS is ideally placed to deliver a service that will standardize and expand bilateral payment netting capabilities for the entire FX market.
Participants will be able to submit FX instructions for six products, including non-deliverable forwards (NDFs), and 24 currencies over existing SWIFT-based channels. They will also have the option of connecting directly to the platform via a highly secure, permissioned distributed ledger, administered by CLS.
It is open to buy-side and sell-side institutions across the FX market, including banks, broker dealers, hedge funds and corporations.
To find out more download the product brief or contact us to discuss your needs.