CLS has announced that First Abu Dhabi Bank (FAB) and UBS have gone live on CLS’s bilateral payment netting calculation service for over 120 currencies – CLSNet. They will join the growing CLSNet community of global and regional banks, which includes seven of the top ten global banks.
CLSNet has seen a marked increase in adoption this year, with a 179% year-on-year increase in the average daily notional of net calculations in H1 2022. This announcement follows the news that Deutsche Bank, Mashreq and Standard Chartered have committed to using the platform. As the CLSNet community continues to grow, users of the service will increasingly benefit from the expanding roster of netting counterparties. In going live on CLSNet, FAB and UBS will benefit from a centralized platform with matching and legal confirmation of over 120 currencies for FX products, including same-day trades and NDFs. Lisa Danino-Lewis, Chief Growth Officer, CLS, commented, “We are delighted that FAB and UBS have gone live on CLSNet. The escalating interest in CLSNet is a testament to its centralized model. Through the expanding global network, market participants will be able to maximize the intraday liquidity, operational efficiency and risk mitigation benefits of the service.”
