FX settlement system CLS Group (CLS) has announced that Wells Fargo & Co (NYSE:WFC) has joined as a settlement member.
Wells Fargo joins 64 other settlement member banks in becoming a direct participant in CLS’s settlement and risk mitigation system – which settles approximately $5 trillion a day on behalf of its clients.
Wells Fargo will benefit from significant liquidity, operational and IT efficiencies to support its currency trading operations and enhance their longstanding focus on serving customers.
I am very pleased to welcome Wells Fargo as a CLS settlement member”, said David Puth, CEO of CLS. “The addition of Wells Fargo is a great endorsement of the service CLS continues to provide to the foreign exchange market and global economy. Participation in our service continues to grow and our settlement members, such as Wells Fargo, play a critical role in ensuring market participants have access to the highest standard of risk mitigation to support their trading operations and enhancing the safety and security of the global FX market.”
Sara Wardell-Smith, Global Head of the Foreign Exchange & International Treasury Management Division and Executive Vice President, Wholesale Banking, at Wells Fargo, commented:
CLS plays a critical role in the financial markets and we are delighted to have joined as a settlement member. Mitigation of settlement risk remains a top priority for Wells Fargo and our participation in CLS will allow us to achieve this goal.”