CLS has announced that Banco Monex has become the first Latin American third-party service provider of CLS’s leading payment-versus-payment (PvP) FX settlement service, CLSSettlement. The bank’s decision to offer third-party access is a strong indicator of potential growth in CLSSettlement in the Latin America region. By enabling its clients to participate as third parties, Banco Monex is helping them to mitigate settlement risk while significantly enhancing liquidity efficiencies for the Mexican market.
Alan Marquard, Chief Business Development Officer, CLS, added: “Banco Monex’s decision to enable access to CLSSettlement for third-party participants, including funds, non-bank financial institutions and corporates, is a prime example of how our PvP FX settlement service is a business enabler. In addition to settlement risk mitigation, CLSSettlement provides participants with business growth opportunities through enhanced credit efficiency, an expanded range of counterparties, and increased trading opportunities.”