CLS to develop settlement service

CLS has announced that it is working with LCH.

First Published by e-Forex News: October, 2015

CLS has announced that it is working with LCH.Clearnet to develop a service to facilitate the settlement of cleared foreign exchange products. The service will provide a specialized payment-versus-payment (PvP) settlement in all CLS-eligible currencies and will operate separately from CLS’s main PvP settlement service.
David Puth, CEO of CLS, comments: “We have been working with the CCP community and other industry stakeholders to design and model the most effective way to mitigate settlement risk for cleared FX products. Settlement risk is one of the most significant risks in FX. Our priority is to mitigate this risk, while increasing operational efficiency through our technology and connectivity.”