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Union Bank of Taiwan joins Citibank CLS settlement service

13 January 2003  |  3396 views  |  0 Union Bank of Taiwan joins Citibank CLS settlement service

The Union Bank of Taiwan has signed up to Citibank's continuous linked settlement (CLS) service, allowing it to submit and settle foreign exchange transactions through the CLS Bank.

CLS is a real-time global settlement process that reduces risk caused by foreign exchange (FX) transactions occurring across different time zones. Both sides of a FX transaction are settled simultaneously in the CLS Bank on a payment versus payment basis.

Citibank is one of a host of CLS settlement members competing to offer third-party services to mid-tier and smaller institutions through the CLS Bank.

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