CLS Group, the organization responsible for the mitigation of settlement risk for institutional foreign exchange (FX) transactions, has announced the addition of Swedbank as a settlement member.
Swedbank's inclusion now brings the number of settlement members to 62. The announcement marks the completion of a process begun in 2011, when the Nordic-Baltic bank became a shareholder in CLS Group, having been a third-party member for several years before.
"I am happy that we have joined CLS as a settlement member" says Tomas Hedberg, global head of FX and fixed income at Swedbank. "Membership is in line with our ambition to further develop our FX abilities and enables us to provide a high level of security which is crucial for a major player in the finance industry."
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