Singapore banks create FX settlement company
NEWS
SINGAPORE -- Following their decision to become shareholders in CLS Group in October last year, three major Singapore banks have created a company to settle their FX trades.
The company, called Clearing and Payment Services (Caps), is jointly owned by Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB), and is aimed at saving money by coordinating the banks’ involvement with CLS Group.
CLS Group, owned by 70 shareholding banks, is
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