Citi NY goes live on CLS

The bank started using the service with "limited counterparties" on March 1, and will add more on a rolling basis until the process is complete in September, said a Citi spokesperson in New York.

Citi’s New York branch is already settling its trades with CSFB, Goldman Sachs and Bank of New York on CLS, which reduces settlement risk for foreign exchange trades. Nomura and Key Bank will be added this week, the spokesperson said.

Citi’s New York branch joins Citigroup in London, Tokyo, Hong Kong