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Screenshot of a breaking news alert e-mail from Q2 2017
The market infrastructure group delivering settlement, processing and data solutions company CLS has announced today the first Japanese corporate to join CLSSettlement via third-party access.
Mitsui & Co, a Japanese general trading company with a diverse business portfolio including machinery, chemicals, logistics, finance and natural resources, is now settling its FX transactions in CLSSettlement via its third-party service provider, Sumitomo Mitsui Banking Corporation (SMBC).
This is the first time that CLSSettlement has been made available to third-party corporates in Japan.
Mitsui & Co’s participation in CLS marks a significant milestone for the Japanese FX market and highlights the continued growth in CLS third-party users in Japan. The company has joined CLS to streamline its foreign currency operations and reduce its settlement risk. CLS provides significant liquidity benefits from netting, lowering transaction costs and supporting business growth.
Rachael Hoey, Head of Asia at CLS, commented:
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.
The CLS third-party market is growing at a rapid pace and it is critical that all participants, whether sell-side or buy-side, have access to risk mitigation services such as CLSSettlement. We are committed to collaborating with providers such as SMBC who has been central to supporting the addition of Mitsui & Co. This milestone highlights the continued strong demand from the non-bank community for CLS’s services.