CLS and Markit extend FX settlement to cross currency swaps

CLS Group (CLS), and Markit, have announced the launch of a new FX settlement service for the cross currency swaps market.

First Published by e-Forex News: January, 2016

CLS Group (CLS), and Markit, have announced the launch of a new FX settlement service for the cross currency swaps market. The service provides a streamlined process for the payments related to these trades by incorporating them into CLS’s existing unique payment-versus-payment (PvP) settlement service. CLS receives settlement instructions from cross currency swaps electronically confirmed using MarkitSERV, the OTC derivatives trade processing service from Markit. Brad Levy, managing director and head of Markit’s Processing division, said: “Working with CLS to streamline trade settlement for cross currency swaps demonstrates how service providers can work together to make swaps market operations more efficient.”