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Screenshot of a breaking news alert e-mail from Q2 2017
In response to market demand, CLS Group, the market infrastructure provider of risk mitigation services to the global FX market, just announced that will expand its proposed bilateral payment netting service – CLSNet – to support more than 140 currencies (coverage will include all currencies associated with jurisdictions not on an official black/grey or sanctions list that would prevent CLS from conducting business with that jurisdiction) at launch, rather than 24 currencies as initially planned.
Coverage will now include all currencies associated with jurisdictions not on an official black/grey or sanctions list that would prevent CLS from conducting business with that jurisdiction.
CLSNet is a standardized, automated bilateral payment netting service for FX trades that are settling outside the CLS settlement service.
The first phase, planned for 2018, would allow participants to submit FX instructions for six FX products and more than 140 currencies through traditional SWIFT channels or distributed ledger technology (DLT).
The launch of the service is subject to any necessary approvals.