ABN Amro has won the contract to provide continuous linked settlement (CLS) services to the Clearing Corporation of India (CCIL).CLS is the global system set up to reduce foreign exchange transaction risk by settling trades in real time. It 'went live’ in September 2002.
“This mandate is of immense significance - both to ABN Amro, in terms of further consolidating our leading position in CLS, and also in terms of the adoption of CLS in India," said John Gibbons, ABN’s managing director, working capital cashflow advisory.
Indirani Rao, CCIL’s vice-president, said: "CCIL aims to become the one-stop shop for settlement of foreign exchange and debt market transactions in India. Choosing the right partner for CLS services was vital to achieving this goal.”
CCIL is a centralised clearing and settlement facility for the financial services sector in India. It guarantees settlement of debt and foreign exchange transactions by becoming the central counterparty to trades.
Topics: ABN Amro
More on Exchanges
NYXBT will initially be based off data from Coinbase Exchange.
German exchange group signs joint venture deal with CFFEX and Shanghai Stock Exchange
A mostly positive mix of Q1 results also yield big increases in data revenues for some exchanges.
Volumes jump following revamp of Sydney bourse's clearing incentive scheme
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.