CLS onboards Japanese funds

Japan-domiciled funds gain access to settlement through CLS as third-party participants for first time

Tokyo skyline
Tokyo: this is a start of a co-ordinated effort to onboard the Japanese buy-side community to the CLSSettlement service

Foreign exchange settlement facility CLS has announced the first Japan-domiciled funds to be given access to CLSSettlement as third-party clients.

Asset manager Fidelity International and the Master Trust Bank of Japan (MTBJ) are the first Japan-domiciled funds to settle foreign exchange transactions in CLSSettlement – a payment-versus-payment (PvP) service that settled $1.9 trillion on an average day on a single-count basis in June.

CLS has in excess of 70 member banks for its settlement

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