9 December 2021

CLS wins “Market Infrastructure of the Year” in the 2021 Regulation Asia Awards for Excellence

CLS today announces that it has been named winner of the Market Infrastructure of the Year award in the 2021 Regulation Asia Awards for Excellence.

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.

Lisa Danino-Lewis, Co-Head of Product and Sales, CLS commented: “We are very pleased to be recognized for our efforts to make the FX market safer, smoother and more cost effective for our clients. Through CLSSettlement, market participants have access to the highest standard of FX settlement risk mitigation, while benefitting from improved funding and operational efficiencies. As FX trading volumes in many Asian currencies increase, settlement risk is becoming an increasing concern for market participants, and mitigating it remains a priority for the industry as a whole. We will continue to work closely with key regulatory stakeholders and market participants to address it.”

Adoption of CLSSettlement by the FX community in Asia Pacific (APAC) gained significant momentum over the last year (2020). The total average daily values settled increased by 9.5% in APAC, with a 4.3% growth in the number of third parties using CLSSettlement.

CLS is also working with the market to evaluate potential PvP solutions for currencies that are currently unable to settle in CLSSettlement. In Q3 2021, CLS announced its collaboration with 12 global banks to pilot potential PvP solutions for currencies that are not currently eligible for CLSSettlement

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