Source: CLS Group
CLS Group Holdings AG ("CLS Group") announces that Nomura [NMR] has become a Shareholder and Settlement Member of CLS Group, bringing the total number of banking and financial institutions as Shareholders to 70. Nomura joins a group that comprises many of the world's largest commercial and investment banking organisations.
As the provider of the global banking settlement system for the foreign exchange market, CLS links 17 of the world's central banks and many of the world's leading financial institutions. It now settles over 75% of the available eligible market trades with the current average daily volume at over 800,000 instructions, with a gross value in excess of US$4 trillion. 61 Settlement Member banks now settle payment instructions associated with FX trades through CLS Bank, with around 8,700 (third party) customers of Members also live.
Nomura has been a Third Party Member of CLS for a number of years and this move to become a Shareholder and direct Settlement Member will allow it to leverage the additional benefits CLS brings: improved straight-through-processing, operational and liquidity benefits and cost savings.
Alan Bozian, Chief Executive Officer of CLS Group and President and CEO of CLS Bank said: "I am delighted an institution of Nomura's scale and global reach has joined our Shareholder group and become a direct Settlement Member. This reiterates the critical role financial institutions see us playing in providing high quality risk reduction, processing efficiency solutions and liquidity benefits for the foreign exchange community."
Richard Gladwin, Head of Global Foreign Exchange at Nomura said: "As a leading investment bank and global foreign exchange broker, Nomura is committed to growth and the ongoing evolution of its risk management and operational efficiency programmes. Becoming a shareholder and settlement member of CLS provides an important step towards this goal and ensures Nomura continues to offer the best possible proposition for its clients and investors."