CLS Opens Further Asia Presence

While CLS Group, which acts as a market utility for the mitigation of settlement risk in foreign exchange (FX) transactions, has had a physical presence in Japan for some time, the increasing number of Asian currencies coming onto the system has called for a stronger engagement with the region. Currently, CLS supports transactions denominated in the Japanese yen, Hong Kong dollar, Singapore dollar, Australian dollar, New Zealand dollar and Korean won, with more expected to come on board in the coming months, including China's renminbi.

"Establishing an office in Hong Kong affirms the growing importance of the Asia region and its currency markets. CLS is making progress in the region, which is reflected by the increasing level of support of our market engagement, particularly with respect to the renminbi," says Rachael Hoey, head of CLS, Asia. "I look forward to leading CLS's efforts in Asia, broadening our engagement and delivering growth."