Wing Hang Bank chooses Bank of New York's CLS settlement service

Wing Hang Bank chooses Bank of New York's CLS settlement service

Hong Kong's Wing Hang Bank has selected the Bank of New York to provide third party continuous link settlement (CLS) services.

Wing Hang will use Bank of New York's proprietary Internet link, SafeSettle, for real time settlement of foreign exchange trades.

Michael Fung, general manager, Wing Hang Bank, says: "CLS is a useful tool in helping to reduce foreign settlement risk, and the Bank's SafeSettle system will provide us with information on transaction details, trade status monitoring, currency position reports, and other value-added services."

He says the Bank of New York has been Wing Hang's main clearing bank for more than 30 years.

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