麻豆传媒

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
麻豆传媒
Leading the Way

Global 麻豆传媒 Finance News and Commentary
≔ Menu
麻豆传媒
Leading the Way

Global 麻豆传媒 Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. BNY Mellon and ING join CLSNet
Industry news

BNY Mellon and ING join CLSNet


18 January 2024 UK, US
Reporter: Carmella Haswell

Generic business image for news article
Image: Galben/stock.adobe.com
BNY Mellon and ING have agreed to join CLS鈥檚 bilateral payment netting calculation service, CLSNet.

The service, offered by global FX settlement infrastructure firm CLS Group, provides standardisation and centralisation for post-trade processes across a range of trade types 鈥 including same-day trades and non-deliverable forwards (NDF).

CLSNet aims to help reduce risk and achieve greater operational efficiency for a broad range of currency flows.

According to CLS, settlement risk in the foreign exchange (FX) market continues to be a focus, especially in emerging market currencies and other growing segments of the market.

Participants are looking for ways to mitigate risk effectively via automated post-trade services such as CLSNet, the firm adds.

Commenting on the news, CLS chief growth officer Lisa Danino-Lewis says: 鈥淏NY Mellon and ING will benefit from the risk mitigation, operational efficiencies and liquidity advantages that the service delivers.

鈥淚n addition to banks, CLSNet is directly accessible to most market participants, including funds, corporates and non-bank financial institutions, making its benefits widely available to the FX industry.鈥

Jason Vitale, head of global markets trading at BNY Mellon, adds: 鈥淲e are continuously identifying the latest solutions that will enhance our clients' experience across the trade lifecycle. Joining CLSNet will enable us to provide clients with improvements in intraday liquidity and execution efficiency.鈥

Robbert Zee, financial markets operations lead at ING, states: 鈥淐LSNet provides the functionality to strengthen and standardise the post-trade processes across the global currency spectrum.

鈥淎s the largest Dutch bank with significant global operations, our participation in the service will be integral to our strategy to further improve operational efficiency and reduce risk for same-day currencies and currencies that are not currently eligible for CLSSettlement.鈥
← Previous industry article

EquiLend to be acquired by WCAS
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
Advertisement
Subscribe today
Knowledge base

Companies in this article
→ BNY Mellon

Explore our extensive directory to find all the essential contacts you need

Visit our directory →
Glossary terms in this article
→ Liquidity

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →