Logica, a leading business and technology service company, has today announced that it has signed up two new clients to its CLS Manager solution (LCM).
LCM, which controls, reconciles and automates CLS trade activity, has also recently been upgraded to support evolving client needs. This includes significantly enhanced reporting functionality and an improved user interface, making it easier to monitor trades and positions. LCM now supports 14 CLS member banks, including Credit Suisse, Danske Bank, Nomura and SBSA. Together, its users process approximately 45% of daily CLS volumes.
Owned by the foreign exchange community, CLS operates the largest multi-currency cash settlement system. LCM currently settles over 660,000 CLS trades in real-time on peak days. Launched at the time of CLS's inception in 2002, it has undergone continuous development - enabling user banks to get the most from their CLS connectivity from day one, manage settlement risk and drive down costs. The solution settles all currencies, including the 17 CLS currencies, and supports third party processing.
Olaf Ransome, director of 3C Advisory and CLS expert, has led several CLS initiatives and has recently completed an implementation of LCM at a global bank. He commented: "Logica understands the complex nature of foreign exchange settlement - from both a business and technical perspective, which is why I've worked with its experts for nearly a decade. Not only is LCM designed from the ground up for CLS processing, but the level of support and consultancy provided is unsurpassed. For example, the team recently helped us identify a great opportunity to establish a firm-wide payments platform that will significantly simplify inter-company activity, while improving cash and liquidity management."
Nick Downes, principle consultant at Logica's Global Products Business, who was instrumental in the development of CLS itself, said: "Having been in this space since day one, we're well positioned to partner and collaborate with member banks throughout their CLS journeys. Now that volume and volatility have returned to the market, we look forward to working with more clients to help them overcome their settlement challenges and fully realise the benefits of CLS. We will also continue to develop LCM in line with both CLS initiatives and client needs."