CLS service extends to non-deliverable forwards

Rob Close

CLS Bank International has extended the CLS Settlement service to offer a complete straight through process, post execution to settlement, for non-deliverable forward (NDF) foreign exchange transactions.

First Published by e-Forex News: January, 2008

<h4>Rob Close</h4> CLS Bank International has extended the CLS Settlement service to offer a complete straight through process, post execution to settlement, for non-deliverable forward (NDF) foreign exchange transactions. The service goes live with six NDF-enabled CLS Bank Member banks and one third party customer, and covers 48 reference currencies, with the net proceeds settling in any of CLS Bank&rsquo;s 15 settlement currencies. &ldquo;For the first time the NDF market will have a comprehensive and standardised processing and settlement solution, all within a robust standard legal framework. CLS Bank has supported the market in the automation of post trade processing for the 15 currencies it settles and the extension to NDFs provides an effective post trade solution for a total of 48 currencies&rdquo;, said Rob Close, President and CEO, CLS Bank.