CLS has announced that Sumitomo Electric Industries (SEI) is the first Japanese manufacturing company to access CLSSettlement as a third-party participant. The company is settling its FX transactions in CLSSettlement via its third-party service provider, Sumitomo Mitsui Banking Corporation (SMBC), supported by Bloomberg’s FX Confirmation Matching Service (CMS) post-trade processing technology. SEI’s participation marks a significant milestone for the Japanese FX market and highlights the continued growth in CLSSettlement third-party participants in Japan.
Margaret Law, Head of Client Development Asia Pacific CLS, added: “Large, multinational corporations are increasingly looking for effective, robust and sustainable solutions to enhance the way they manage risks, cash management, liquidity demands and efficiencies in their multicurrency operations. This latest development highlights the continued strong demand from the non-bank community for CLS’s services.”