CLS has announced today that the first Japanese-domiciled funds have access to CLSSettlement as third-party clients.
Asset manager Fidelity International and The Master Trust Bank of Japan (MTBJ), a trust bank exclusively engaged in asset management, have the first Japanese-domiciled funds to settle FX transactions in CLSSettlement. CLS says that this marks the start of a coordinated industry-wide effort to onboard the Japanese buy-side community to its settlement service over the next few years.
Fidelity International and MTBJ are being supported by Brown Brothers Harriman (BBH), which acts as MTBJ's custodian for non-Japanese securities and related currency movements outside of Japan. BBH has made its third-party access to CLSSettlement available to facilitate MTBJ's settlement of FX transactions.
Phelim Keogan, who over the past 15 years has led the development of Fidelity International’s currency management capabilities globally, has recently departed from the company under a voluntary severance programme offered generally to senior executives across the firm.
Keogan was executive director for Treasury and global head of currency management at Fidelity International, based in Dublin, a role he took up in early 2002.
Prior to Fidelity Keogan was chief dealer for National Australia Bank in Dublin over a six-year period having joined the bank from an FX trading role at Ulster Bank.