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
Sanjay Sharma talks about risk transparency and how his book helps achieve it.
A five-minute formula from Alexander Denev that takes you through a simple probabilistic graphical model and explains how and why these are used. Find out more about the ground-breaking book, Probabilistic...
Industry leader Vincent Kaminski discusses the challenges faced by energy markets and his new book, Managing Energy Price Risk, 4th Edition.
Momtchil Pojarliev talks about his book, The Role of Currency in Institutional Portolios, currency investing and the potential role of currencies in institutional portfolios.
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.