Bob Tull

CLS welcomes Fifth Third Bank to CLSSettlement

May 2022 in News Headlines

CLS has announced that Fifth Third Bank, National Association (Fifth Third), can access CLSSettlement as a third-party participant. UBS, a CLS settlement member, will provide access to Fifth Third. The addition of Fifth Third, one of the largest banks in the midwestern United States, represents a significant step forward in CLSSettlement adoption by the US regional banking sector. 

CLS continues to witness increased uptake of CLSSettlement across the FX industry – especially third-party participation, which accounted for 90% of new business growth in 2021. This growth is due to a greater focus on settlement risk mitigation by market participants and their drive to improve operational efficiency and reduce costs. In addition, CLSSettlement supports market participants’ adherence to FX best practices as outlined in the FX Global Code, which include the use of payment-versus-payment settlement services wherever practicable. Bob Tull, Fifth Third’s Global Head of Fixed Income, Commodities and Currencies (FICC) said, “Our participation in CLSSettlement allows Fifth Third to further advance our FX platform.  Not only will CLSSettlement enable Fifth Third to further mitigate settlement risk and reduce operational costs related to FX trading, but CLS creates opportunities for us to expand our business and enhance our client experience by having access to a wider pool of counterparties.”