22 October 2017
Register now

FXall joins CLS Bank

12 January 2010  |  2212 views  |  0 Source: FXall

FXall commits to the delivery of superior risk management and reduction of operational risk 11th January 2010 - FXall, the world's leading electronic foreign exchange platform, today announced it has joined CLS Bank, the global industry standard for FX settlement services, as a registered vendor.

The partnership provides FXall clients with an integrated solution for processing CLS settled trades that increases post trade efficiencies and mitigates settlement risk across FXall's diverse client base.
FXall is committed to the efficient management of settlement risk across the FX trading landscape. Settlement Center, FXall's automated transaction processing and settlement solution, automatically recognizes CLS-eligible trades and seamlessly sends member notifications using standardized SWIFT MT300 and MT304 messaging formats to CLS Member and CLS 3rd Party banks for final CLS processing.
Settlement Center now supports CLS trade matching for clients and counterparties so that CLS mismatches can be identified and communicated to clients, reducing settlement error. Settlement Center also facilitates CLS trade amendment processing, thereby enforcing CLS eligibility rules.
CLS was created by over 60 of the world's leading financial institutions by linking multiple real-time gross settlement systems through CLS Bank. CLS eliminates FX settlement risk through simultaneous and irrevocable settlement of both legs of a transaction, regardless of geographies or time zones.
Phil Weisberg, CEO of FXall said: "As the regulatory environment surrounding the FX market continues to evolve FXall remains committed to providing clients with innovative tools allowing them to better manage operational risk and compliance procedures. CLS provides settlement risk elimination at a time of ever growing volumes in the FX market. Combined with our leading Settlement Center technology suite, our active engagement with CLS provides our clients with improved management and control of FX related risk to ensure the seamless processing of trades."
Rob Close, President and Chief Executive Officer CLS Bank added: "CLS is pleased to welcome FXall as a registered vendor to the CLS community as it continues to expand. CLS is committed to improving risk management of thef the post-trade envief the post-trade environment in the global FX markets and supports FXall in its latest initiative."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nlvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
11479 views comments | 17 tweets | 24 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
11293 views comments | 22 tweets | 27 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9294 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
8376 views comments | 10 tweets | 22 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8338 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job