CLS has announced that Afore Citibanamex, Mexico’s second largest pension fund and a founding organisation in the country’s Administration System for Retirement Fund, has become the first Mexican pension fund to access CLS’s payment-versus-payment (PvP) FX settlement service, CLS Settlement, as a third-party participant. Mexico, along with Canada and the US, leads the way among […]
Tag: CLS Settlement
Sumitomo Electric Industries (SEI) has become the first Japanese manufacturing company to access CLS Settlement as a third-party participant. The company is settling its FX transactions via its third-party service provider, Sumitomo Mitsui Banking Corporation (SMBC), supported by Bloomberg’s FX Confirmation Matching Service (CMS) post-trade processing technology. CLS says that SEI’s participation “marks a significant […]
China CITIC Bank International Limited (CNCBI) has become the first Chinese bank to access CLS Settlement as a third-party client, CLS says, adding that this addition adds to a broader growth in third-party participation throughout the region, which has seena 21% increase in the overall number of third parties (regional/third-party banks, funds, corporates and non-bank […]
Banco Monex has joined as a CLS settlement member, becoming the 70th firm to assume the status.
“I could not be more pleased to welcome Banco Monex as the first Mexican bank to participate directly in our settlement service,” says David Puth, CEO of CLS.
“Participation in CLS Settlement continues to grow, and our settlement members, such as Banco Monex, play a critical role in ensuring market participants have access to the highest standard of risk mitigation to support their trading operations and enable us to deliver a safer and more stable FX market. We look forward to continued growth in the Mexican market.”
Mauricio Naranjo, CEO of Grupo Financiero Monex adds, “Joining CLS as a member with direct participation in the CLS settlement service is an important milestone for Banco Monex. The Mexican peso is the most actively traded currency in the Latin American region and mitigating settlement risk is a key priority for many institutions. Participation within the CLS ecosystem will enable us to achieve this goal for our operations and through time for our clients as third parties, while significantly enhancing liquidity efficiencies for the Mexican market.”
Japanese corporation Mitsui & Co has become the first corporate to join CLS Settlement via third party access, the firm is now settling its FX transactions via Sumitomo Mitsui Banking Corporation (SMBC).
CLS says Mitsui & Co’s participation “marks a significant milestone for the Japanese FX market and highlights the continued growth in CLS third-party users in Japan”.
“Large corporations are increasingly looking for effective, robust and sustainable solutions to enhance how they manage risks, cash management, liquidity demands and efficiencies in their multicurrency operations,” says Rachael Hoey, head of Asia at CLS.