23 October 2017
Register now

Northern Trust claims CLS custody first

18 February 2004  |  3931 views  |  0 Northern Trust claims CLS custody first

Northern Trust claims to be the first custodian to have settled a live market custodial foreign exchange deal within the risk-reducing Continuous Linked Settlement (CLS) environment.

The milestone trade settled on time on the morning of 13 February, 2004, and was on behalf of a London based investment manager.

"For the first time, this development offers investment managers and clients the opportunity to see their foreign exchange transactions complete in a settlement risk free environment," says Sean O'Donovan, vice president and manager of foreign exchange and cash management operations at Northern Trust in London. "This milestone will hopefully provide the impetus for other investment managers to embrace CLS as their preferred mechanism for foreign exchange settlement."

A custody foreign exchange deal involves an investment manager, a counterparty and a custodian and is a more complicated transaction in terms of settlement than the interbank deals that have settled in CLS to date.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ABN Amro wins Clearing Corporation of India CLS mandate

ABN Amro wins Clearing Corporation of India CLS mandate

18 December 2003  |  4340 views  |  0 comments
ABN Amro wins three CLS mandates; JP Morgan scores with Refco

ABN Amro wins three CLS mandates; JP Morgan scores with Refco

22 October 2003  |  4538 views  |  0 comments
CLS Bank partners SSISearch for settlements directory

CLS Bank partners SSISearch for settlements directory

03 October 2003  |  5246 views  |  0 comments
CME appoints Citi to handle FX futures settlement via CLS

CME appoints Citi to handle FX futures settlement via CLS

07 July 2003  |  7438 views  |  0 comments
CLS volumes expected to rise by 150% in next two years

CLS volumes expected to rise by 150% in next two years

07 April 2003  |  3939 views  |  0 comments
CLS Bank eyes custody settlement deals

CLS Bank eyes custody settlement deals

21 November 2002  |  3231 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
15570 views comments | 17 tweets | 30 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13651 views comments | 22 tweets | 28 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10046 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9955 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8950 views comments | 9 tweets | 18 linkedin

Featured job

Find your next job