CLS extends payments-netting service to all global currencies

CLSNet, expected to go live in Q2 2018, will comprise 140 currencies

Building mode: CLS is creating the DL platform for CLSNet using Hyperledger Fabric, an open-source solution led by IBM

Foreign exchange utility CLS is expanding the number of currencies available on CLSNet, its payments-netting service due to launch next year, in response to market demand.

CLSNet will support a total of 140 currencies, up from the 24 initially planned, and enable participants to submit instructions for six products: FX spot, forwards, swaps, non-deliverable forwards, tomorrow/next-day trades and same-day trades.

The service allows FX trades of buy- and sell-side institutions that are currently