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 of
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 Technology
ECB and BoJ point to major problem in DLT-based payments
Project Stella report says central source of information could create single point of failure
Asia keener to adopt mobile FX trading – BidFX
Fintech firm updates mobile app to offer more features; security concerns represent major development challenges
Brainard: US must review payments system oversight
Big tech’s currency plans could weaken payments oversight – senior Fed official
Cambodia’s blockchain payment network will go live in early 2020
Bakong could be linked with other Asean countries as cross-border transfers are part of project’s next phase
Baton rounds out funding with $4m Illuminate investment
DLT firm plans Asia expansion due to demand for delivery of assets in Asian and non-CLS settled currencies
Nomura advances AI trading platform for FX and fixed income
Over the next year the bank will converge its trading desk infrastructure to create a cross-asset class system
Emerging market central banks keener to issue CBDCs – BIS
BIS survey shows central banks shifting emphasis from wholesale to retail CBDCs
StanChart’s e-FX trading engine goes live in Singapore
Trade latency has been cut by more than 80%, Standard Chartered says
