Société Générale connects to CLS’s cross currency swaps service
Use of the service will enable participants to benefit from multilateral netting against all FX transactions.
Tag: CLS
CLS delivers first analysis of T+1 impact on FX settlement
The multi-currency settlement system has seen no decrease in values or volumes suggesting no shift to bilateral settlement, though some trends are emerging with regards to submissions to CLS.
FX trading has not shifted due to T+1 as some had predicted
The drama around cut-offs at CLS and custodians prior to the T+1 implementation had many believing the FX market would alter drastically, but so far, it’s business as usual over the first three weeks of the shortened settlement cycle as the first big public holiday – and major test – approaches.
Buy-Side
Inside the FX cut-off conundrum sparking animosity between the buy-side, CLS and custodians as T+1 looms
Finger of blame is being pointed in each direction between custodians, non-US traders and settlement system CLS over FX cut-offs, with last minute decisions and confusion meaning some asset managers are now left facing operational challenges, pre-funding trades and balancing settlement security with best execution obligations.
Barclays connects to CLS’s cross currency swaps service
The service mitigates settlement risk for CCS transactions, while also providing multilateral netting against all other FX transactions.
CLS decides not to move FX settlement cut-off for T+1 following evaluation
Members of the multi-currency settlement system claim that development to accommodate a move in the initial pay-in schedule could take “considerable time to implement”, therefore CLS will not shift its cut-off but will analyse T+1 impact in June and September following cycle shortening.
BNY Mellon connects to CLSNet netting service
The platform has experienced record growth this year, with the average daily notional value of net calculations consistently exceeding $115 billion in the last 12 months.
The TRADE predictions series 2024: Market Structure – T+1
Key industry voices from Manulife Investment Management, Duco, CLS, DTCC and Torstone Technology delve into the buzz phrase on everyone’s lips as they look to 2024 – the shift to T+1.
Three new additions for CLS’ cross currency swaps service
The service forms part of CLSSettlement which has seen a 38% year on year increase in cross currency swaps for the first half of 2023.
Settled values of cross currency swaps see continued growth
There has been a 27% year-on-year increase in cross currency swaps submitted to CLSSettlement as of Q2 2022.