FX settlement services provider CLS Group has announced that it has renewed and extended its technology partnership with International Business Machines Corp. (NYSE:IBM) for ten more years.
CLS and IBM have been partners since the inception of the settlement service in 2002 and have worked together over the last 14 years to continuously reduce settlement risk in the global FX market.
The extended partnership will ensure IBM continues its collaboration with CLS for a further decade, focusing on technology infrastructure support, innovation, service optimization and the exploration of new business opportunities.
According to David Puth, CEO of CLS:
IBM has been a key partner to CLS for over a decade. The expertise and support it has provided since our inception has been central to our ability to provide a critical role in the FX market. This contract renegotiation will deliver significant cost-savings and, in addition, help to facilitate continuous improvement to our current infrastructure and maintain our highly resilient service standards. This, in turn, will benefit our settlement members, support our growth objectives and enhance our strategic partnership with one of the world’s leading technology companies.
Martin Jetter, IBM Senior Vice President, commented:
The industry in which CLS operates continues to evolve, and demand for greater resilience, optimized use of resources and efficiently delivered services becomes ever more critical to the wholesale foreign exchange market. Our continued collaboration in technology infrastructure support, innovation, service optimization and the exploration of new business opportunities lays a solid foundation for CLS’s future success and will help to develop an even stronger working partnership over the next decade.