CLS Bank International has launched a global vendor registration programme to encourage interaction between third-party software providers, systems houses, consultants and banking participants in the FX cross-border risk reduction effort.
When it eventually goes live, CLS Bank International's Settlement Service will link seven of the world's central bank real time gross settlement systems for the first time, with over 65 shareholders from the world's major commercial and investment banking institutions. Five CLS shareholders alone represent over 40% of the FX market.
In an effort to re-awaken and stimulate third-party input to the much-delayed project, core vendors subscribing to the CLS programme will be provided with up to date briefings, a dedicated Web site, and formal technology releases. In addition, they will receive support through direct access to the management implementation team and technical documentation. Registered vendors will also be permitted to use the CLS Registered brand mark.
Joseph De Feo, chief executive officer of CLS Group comments: "The objective of CLS Vendor Registration programme is to assist shareholders in the implementation of this unique system. The intention is to migrate vendors to the role of participants, rather than just suppliers and in doing so assist in the implementation of CLS."