Indian forex settlement service joins CLS

Using ABN Amro as its settlement member – the term used for banks that settle trades on the global settlement service on behalf of other institutions – the move could bring more than 2,500 trades a day to CLS.

About 25–30 of CCIL's 60+ members – local banks and brokers – will go live in the first phase of the launch. An unspecified number of members will join at a later date.

CCIL said using CLS would bring its members a number of benefits, including assurance of settlement, reduction in cou