Hewlett-Packard will be the first corporate to go live on CLS with Wall Street Systems in November 2004.
Leading provider of global treasury and capital markets solutions, Wall Street Systems, today announced a number of enhancements to its Continuous Linked Settlement (CLS) solution to meet both its banking and corporate clients' needs. These include support of the settlement of custody transactions with fund managers, which allows the appropriate transaction details to be populated in the confirmation - benefiting all clients whenever they transact with a fund manager; as well as the development of interfaces with some of the largest providers of third-party services to provide a more complete STP service.
Hewlett-Packard (HP), a Wall Street Systems client since 1996, will be the first corporate to go live on CLS with Wall Street Systems in November 2004.
The CLS solution from Wall Street Systems is specifically designed to further improve a treasury's overall effectiveness, with benefits such as reduced FX credit exposure with their counterpart banks and real time settlement for all CLS eligible currencies. The benefits of CLS for corporates include increased settlement and STP efficiency and better risk management.
Mike Thrower, director of marketing and business development at Wall Street Systems comments, "CLS has achieved more than could have been hoped in the two years since it went live. It has practically eliminated settlement or 'Herstatt' risk, and CLS Bank is now the clearing house for eligible FX trades from 56 settlement members and 170 third-party users.
In the last year, we have seen a number of changes to the CLS world, and The Wall Street System CLS module has evolved with the market to meet our clients' needs. By being our first corporate client to take advantage of the many benefits CLS offers, HP once again shows it is at the forefront of the market, committed to achieving ever higher rates of STP."
As new currencies are introduced to CLS - for example, the South African Rand, Korean Won, Hong Kong Dollar and New Zealand Dollar will be added in late 2004 - existing Wall Street Systems clients will not need additional software development. A simple change in configuration is all that's required. Further enhancements to the module include additional cut off times for trading and funding, as well as allowing funding from multiple control branches. This flexible solution is easily adaptable to the constant CLS developments ensuring that customers continue to enjoy a lower cost of ownership.
The comprehensive CLS solution from Wall Street Systems is available either as a stand-alone CLS module, or can be fully integrated with the front and back office modules as well as the cash management tools of The Wall Street System treasury and capital markets solution.