UBS wins 30th CLS third party mandate

UBS wins 30th CLS third party mandate

UBS has signed Unipol Banca as its 30th CLS third party client for executing and settling cross-border foreign exchange transactions through the Continuous Linked Settlement System.

UBS estimates cost savings to be roughly $10 per ticket for CLS third party clients, when taking into account the economic value of settlement risk reduction, the reduced number of payments and the virtual elimination of error financing costs.

Andrea Marchi, head of the international division of Unipol Banca, says: "For us it's very important to reduce operational and credit risks. The specific features of CLS allow us to achieve these purposes. In addition we can reduce our payment costs by netting off our daily currency positions instead of executing a payment for each single deal."

Eleven of UBS' third party CLS mandates and are now live on the system.

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