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
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