CLS wins “Best FX Settlement and Risk Mitigation Solution” award at FX Markets Asia 2021 Awards

3 min read
19 August 2021

CLS today announces that it has won an FX Markets Asia 2021 Award for its leading FX settlement service, CLSSettlement.

CLS was recognized for its payment-versus-payment (PvP) settlement service – CLSSettlement – and its role as a systemically important financial market infrastructure critical to the orderly functioning of the global FX market – protecting settlement members, and their clients, from settlement risk. Each day the service settles over USD5.5 trillion of payments in 18 of the most actively traded currencies globally for more than 70 direct participants and over 25,000 indirect participants. The award also recognized CLS’s ability to deliver operational and cost efficiencies to its clients.

Lisa Danino-Lewis, Global Head of Sales at CLS said: “With the growth of FX trading in many Asian currencies, settlement risk is becoming an increasing concern for market participants. So, we are delighted to be recognized for our contribution to making the FX market safer, smoother and more cost effective. Not only does CLSSettlement reduce systemic risk, it also provides operational and liquidity cost efficiencies to our clients, across the buy and sell side.

Since 2018, the overall number of Asia Pacific market participants using third-party service providers to access CLSSettlement has increased by 31%. Adoption of CLSSettlement by the Asia Pacific FX community gained significant momentum in the last year, with the total average daily values settled increasing by 9% to $100bnIn 2020, Sumitomo Electric Industries became the first Japanese manufacturing company and Metrobank the first Philippine bank to access CLSSettlement as third-party participants.

“With the growth of FX trading in many Asian currencies, settlement risk is becoming an increasing concern for market participants”

Lisa Danino-Lewis
Chief Growth Officer

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