Source: CLS Group
CLS Group Holdings AG ("CLS Group") announces that Shinhan Bank has become a shareholder of CLS Group, bringing the total number of banking and financial institutions as shareholders to 70.
They join a shareholder group that consists of many of the world's largest commercial and investment banking organisations.
Shinhan Bank will in due course apply to become a Settlement Member of CLS Bank International ('CLS Bank'), the provider of Continuous Linked Settlement (CLS), a global banking settlement system for the foreign exchange market.
CLS Bank links 15 of the world's central banks and many of the world's leading financial institutions. A total of 57 Member banks are now settling payment instructions associated with foreign exchange trades through CLS Bank, with 2,038 customers of CLS Bank Members also live. CLS Bank is now settling on average over 500,000 instructions each day, with a gross value in excess of US$ 3.9 trillion.
Rob Close, Chief Executive Officer of CLS Group and President and CEO of CLS Bank said: "I am pleased to welcome Shinhan Bank to our shareholder group. Korean participation and volume is growing within CLS, reflecting the increasing stature of the Korean market. The role of CLS is to support the growth of the foreign exchange market, providing a market leading settlement service that eliminates settlement risk and increases operational efficiency."
"We are delighted to be joining CLS Group as a shareholder as it gives us stronger global competitiveness in foreign exchange," said Jin, Chan-Hee, Executive Vice President and Head of Treasury and Global Banking Group of Shinhan Bank. "By participating in the CLS system, Shinhan Bank, as a main FX trader in the Korean market and as a leading bank in the Korean commercial banking industry, has taken a great step forward to better manage settlement risk and improve fund use efficiency, thereby further enhancing our risk and liquidity management."