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CLS wins at FX Markets Asia 2022 awards
CLS announced today that it has secured its third consecutive win for the “Best FX Settlement and Risk Mitigation Solution” at the FX Markets Asia 2022 awards.
CLS was recognized for its unique 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 members, and their clients, from settlement risk.
With over 70 settlement members and more than 30,000 third-party participants, CLS settles over USD6 trillion of payment instructions every day in 18 of the most actively traded currencies globally. The service also supports market participants’ adherence to global and local best practices, such as the FX Global Code.
Lisa Danino-Lewis, Chief Growth Officer, CLS commented: “We are pleased to have been awarded the Best FX Settlement and Risk Mitigation Solution for the third year running. This award recognizes our commitment to providing market participants in the region with access to the highest standard of FX settlement risk mitigation, while they also benefit from improved funding and operational efficiencies.
“In Asia, a key aim for CLS is to broaden participation in CLSSettlement and expand adoption of CLS’s other solutions designed to make the FX market safer, smoother and more cost effective for market participants.”
“In Asia, a key aim for CLS is to broaden participation in CLSSettlement and expand adoption and expand adoption of CLS’s other solutions”
Chief Growth Officer
Adoption of CLSSettlement by the FX community in Asia Pacific (APAC) gained significant momentum over the past year.
From July 2021 to June 2022, the total average daily values settled increased by 9.96% in APAC, with a 41.75% increase in the number of third parties using CLSSettlement.