CLS and Markit extend FX settlement to cross-currency swaps

Firms join forces to tackle rising demand for swaps clearing

David Puth at CLS
David Puth, CLS

CLS has announced the launch of a new foreign exchange settlement service for the cross-currency swap market in partnership with Markit, a global provider of financial information services.

The scheme, developed in consultation with leading financial institutions in the cross-currency swaps market, aims to improve operational efficiencies and reduce payment demands across the industry through multilateral netting.

Cross-currency swap trades expose counterparties to significant settlement risk

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