FirstRand joins CLS
South African bank joins currency settlement utility
CLS announced today (November 11) that FirstRand, one of South Africa's largest financial institutions, has become the latest member of the currency settlement utility.
Founded in 1998, FirstRand is one of the five largest banking groups in South Africa and Sub-Saharan Africa. It plays an important role in the trading of the South African rand, which has been a CLS-eligible currency for 10 years. The bank's addition brings the total number of CLS settlement members to 64.
"I am extremely pleased
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
More on Settlement Risk
Tackling rising FX settlement risk with DLT
Distributed ledger technology provides a remarkable opportunity to mitigate the rising settlement risk within the FX industry, explains Alex Knight, head of Europe, the Middle East and Africa at Baton Systems.
Goldman Sachs and JP Morgan go live with CLSNow
Unlike CLS’s main settlement tool, CLSNow lets banks settle FX positions on the same day
State Street provides CLSSettlement to Japanese pension fund
Unnamed Japan-based pension fund is part of pilot to mitigate pension funds’ FX trading risks
Nomura’s asset manager extends CLSSettlement to Japanese funds
First local asset manager to provide access in sign of success for buy-side adoption push
CLS: mitigating settlement risk is crucial as volatility rises in 2019
Geopolitical factors expected to drive markets this year
CLS settlement will migrate to new platform in 2020
The infrastructure provider will launch the new venue based on its own technology next year, with service migration planned for May 2020
CLS onboards Japanese funds
Japan-domiciled funds gain access to settlement through CLS as third-party participants for first time
Banco Monex becomes first Mexican member of CLS
The bank is the only CLS settlement member in one of Latin America’s largest FX trading centres
