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CLS wins “Best FX Clearing and Settlement Provider” at Euromoney’s FX Awards 2024
CLS has been named ‘Best FX Clearing and Settlement Provider’ at the Euromoney FX Awards 2024. This is the second consecutive year we have won this category, which recognizes our significant contribution to outreach and research around the potential impact of T+1 on the FX market, as well as the continued growth of CLSSettlement and CLSNet.
T+1
Global momentum toward T+1 has been a key focus for the securities industry. We recognized the need to understand the scale and potential impact on the FX ecosystem, CLSSettlement as well as our settlement members and the buy side. Our response was to engage settlement members and the wider industry to assess the impact.
The study and outreach revealed invaluable insights and informed our decision not to make any operational changes to CLSSettlement ahead of the T+1 implementation date of 28 May 2024 for the US securities markets. We continue to monitor the impact of T+1 implementation on the FX ecosystem and engage with our settlement members, buy-side clients and the wider FX community to explore possible solutions to address any challenges that may arise.
CLSNet and CLSSettlement
The win also highlights the fact that we remain the trusted party at the center of the FX ecosystem. Via third-party service providers (CLS settlement members), over 35,000 third-party participants are currently using CLSSettlement, including almost 80% of the top-tier investment managers.1
In 2024, CLSSettlement is settling an average daily value of over USD7 trillion across 18 of the most actively traded currencies globally, accounting for a large proportion of FX trades in the market. In June 2024, CLS settled a new daily record of USD19.1 trillion.
CLSNet delivers enhanced operational efficiencies, and as a result, both the values and the number of users in CLSNet are growing. In June 2024, it reached a record day of USD593 billion netted value, highlighting the network effect of the product.
“Our pivotal role at the heart of the ecosystem can’t be understated”
“We’re excited to have retained the Best FX Clearing and Settlement Provider award at the 2024 Euromoney FX Awards,” said Lisa Danino-Lewis, Chief Growth Officer of the win. “Our research and outreach into T+1 have been a key initiative for us this year, and this award recognizes the significance of these efforts.”
“The needs of the FX market are dynamic and constantly evolving. Our pivotal role at the heart of the ecosystem can’t be understated. We remain committed to helping meet these needs through our range of products and services,” adds Chief Executive Officer Marc Bayle de Jessé.
[1] Excluding Chinese-based asset managers.