CLS wins “Best FX Clearing and Settlement Provider” at Euromoney’s FX Awards 2023
CLS has been named the winner of the Best Settlement Initiative award at the FX Markets e-FX Awards 2023. The award recognizes the growth of CLSSettlement, CLS’s unique payment-versus-payment (PvP) settlement system, which has seen record volumes over the last year, as well as the broader strengths of CLS in mitigating settlement risk and increasing efficiency in the FX markets.
CLS settles approximately USD6.5 trillion of payments per day in 18 of the most actively traded currencies globally, protecting over 70 settlement members and over 35,000 third-party participants from the most significant risk in the FX market – settlement risk. In H1 2023, CLS settled an average daily value of USD6.6 trillion, the highest daily average recorded since its inception two decades ago. The asset management community, accessing CLSSettlement indirectly through settlement member banks, has been a major contributor to this growth.
The win also recognizes CLS’s focus on growing its standardized, automated bilateral payment netting calculation service, CLSNet. As settlement risk in the FX market continues to be a focus, especially in emerging market currencies, participants are looking for ways to mitigate risk effectively. The service supports netting to reduce the payment obligations exposed to settlement risk while improving operational and liquidity efficiencies. CLSNet has broader reach in terms of market participants and the currencies it supports and the service has seen a marked increase in adoption over the last year. On 20 September 2023, we witnessed a record daily notional of USD367 billion netted in the service.
“We remain focused on delivering solutions that meet the evolving needs of the FX community”
Commenting on the award win, Lisa Danino-Lewis, Chief Growth Officer, said: "We are thrilled to be named the Best FX Clearing and Settlement Provider by Euromoney for 2023. It highlights our continuous efforts in enhancing the stability and efficiency of the global FX market and is testament to the hard work and dedication of our talented team and our unwavering commitment to our clients."
"We remain focused on delivering solutions that meet the evolving needs of the FX community," added Keith Tippell, Chief Product Officer, "This award acknowledges our commitment to providing market participants with access to products that not only mitigate risks but also deliver substantial operational and liquidity efficiencies.”