Rand to join CLS in Q4

CLS Bank International, the bank through which all CLS trades are settled, will announce the addition of the rand as the fifteenth eligible unit on the service, today (April 5).

Trials for the currency are scheduled for Q3, before a Q4 launch, along with other planned additions, the Hong Kong dollar, New Zealand dollar and Korean won.

Together, the four new currencies will add some 6,000--8,000 sides of transactions to CLS daily, said Jonathan Butterfield, executive vice-president of marketing