CLS Expands Settlement Services in South Korea
FX risk management utility looks east.
CLS is a FX-specific service designed to mitigate settlement risk within the FX market, sometimes known as Herstatt risk.
"Today's announcement is the result of our ongoing collaboration with the Bank of Korea and FX market participants", says David Puth, CEO of CLS. "Korea is an established financial center and the Korean won is among the most actively traded currencies in the Asia Pacific region. Ensuring mitigation of the most significant risk counterparties face in FX transactions ─ settlement risk ─ remains a key priority for our organization."
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