Tag: third party settlement

third party settlement

Nippon Life Settles via CLS

Nippon Life Securities has become the first Japanese non-bank financial institution (NBFI) to join the CLS system via third-party access.
Nippon Life Insurance Company, Japan’s leading life insurance company in terms of net profit, is now settling FX transactions in CLS via its settlement bank.
CLS says the addition of Nippon Life marks another milestone in the continued growth of CLS participation across Asia. Last year South Korea’s Samsung Securities became the first NBFI to become a third-party participant in South Korea, and was joined by three more of the largest securities brokers and one fund in 2017.

CLS Expands Third Party Access in Korea

Fund management institutions can now access the CLS system in Korea for the first time via CLS third-party service provider, HSBC.
This announcement builds on the earlier adoption of CLS participation in Korea by other non-bank financial institutions (NBFIs), including a number of leading securities brokers. Third-party participation globally accounts for approximately 22% of the total value settled in CLS and there was a 12% increase in the number of third-party participants using the service in the Asia Pacific region in 2016.