CLS, Markit Launch Cross Currency FX Settlement Service

New settlement service for FX swaps aims to reduce counterparty risk exposure and liquidity demand.

David Puth at CLS
David Puth, CEO of CLS.

CLS and Markit have launched a new settlement service for cross currency foreign exchange (FX) swaps.

The collaboration between settlement bank CLS and information and services provider Markit is aimed at reducing settlement risk exposure for counterparties conducting cross-currency swap trades by incorporating them into CLS's existing payment-versus-payment (PvP) settlement service. CLS receives settlement instructions from cross-currency swaps electronically confirmed using Markit's OTC derivatives trade processing service, MarkitSERV.

"As part of our ongoing efforts to reduce settlement risk for our members, we are continuously looking to enhance the portfolio of FX products that can be launched on our platform", says David Puth, CEO of CLS. "This new service, developed with Markit and our global community of settlement members is another example of the industry working together to introduce ways to reduce systemic risk in the global FX and OTC derivatives market."

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