City Networks releases CLS modules

City Networks releases CLS modules

City Networks has released two new products to aid the processing of continuous linked settlement (CLS) trades and announced its first two customers for the modules.

Mitsubishi Trust and Banking Corporation is using the City Networks CLS Gateway product for passing trades through to CLS settlement members and resolving the issue of payments for CLS and non-CLS trades.

Raymond Wan at the London branch of the bank says that as a result of the implementation “we could successfully connect and submit test trades to CLS with a view to becoming a third party member”.

WGZ-Bank, Dusseldorf, meanwhile, has adopted City Network’s Tram Module for CLS, which deals with resolution of trade exceptions as a result of four-way matching. Already signed up as a third party member, WGZ will receive trade notification from its settlement member via Swift, which will go directly into the Tram CLS Module in real-time.

Thomas Romer at WGZ says: “For us a key benefit is the detailed supporting information which enables exceptions to be dealt with quickly and efficiently.”

Seperately, the vendor has also launched a new CityNet Treasury Module, Conversation Checker, and received SwiftReady Gold accreditation for its reconciliation for payments and securities products.

Conversation Checker has been developed to automate the processing and checking of conversations and tickets that are output by electronic broker systems such as Reuters and EBS. It enables organisations to automatically process treasury-related conversations, highlighting exceptions in real time, says the vendor. The product can also operate as a front office ticket repository for retrieval of all Reuters and EBS deals.

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