HSBC wins BMo CLS contract

BMo has chosen to use CLS via another bank despite owning an equity stake in the settlement service. But setting up the systems needed to use CLS directly can cost as much again as the original stake, which is thought to be US$5 million.

"FX and clearing services are core competencies for us," said Michael Gallagher, head of payments and cash management for North America at HSBC. "We believe our expertise, proven technological capabilities, and global reach play a large role in the success o