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CLSNet growth Q1 2024
The average daily netted value in CLSNet rose by 32 percent in the first quarter of 2024 to USD138 billion, compared with the same quarter in 2023.
In March, we also witnessed a new record daily netted value of USD468 billion.
BNY Mellon,1 the world’s largest custodian bank and ING,2 the largest Dutch bank, joined CLSNet.
Commenting on the new additions to CLSNet, Lisa Danino-Lewis, Chief Growth Officer, CLS said, “We are delighted that BNY Mellon and ING are joining CLSNet’s growing community of users and will benefit from the risk mitigation, operational efficiencies and liquidity advantages that the service delivers. In addition to banks, CLSNet is directly accessible to most market participants, including funds, corporates and non-bank financial institutions, making its benefits widely available to the FX industry.”
Jason Vitale, Head of Global Markets Trading at BNY Mellon said: “We are continuously identifying the latest solutions that will enhance our clients' experience across the trade lifecycle. By joining CLSNet, this will enable us to provide clients with improvements in intraday liquidity and execution efficiency.”
Robbert Zee, FM Operations Lead, ING was quoted as saying: “CLSNet provides the functionality to strengthen and standardize the post-trade processes across the global currency spectrum. As the largest Dutch bank with significant global operations, our participation in the service will be integral to our ability to improve operational efficiency and reduce risk for the currencies that are not currently eligible for CLSSettlement.”