Natexis Banques Populaires has become the first continuous-linked settlement (CLS) third-party participant in France.The bank has signed up with ABN Amro to use the global foreign exchange settlement system. ABN Amro said the Natexis is now processing about 420 trades on the CLS system a day, and it expects this to increase to about 550 trades a day.
CLS, which was launched in September 2002, is designed to settle trades on a net-funded basis over a period of time when country-specific real-time global settlement systems overlap.
More on Foreign Exchange
Change in regulations will allow corporates to sell forex options
Importers will increase hedging activity amid greater rupiah volatility
European banks start clearing in India despite no EU equivalency ruling
Market disruption averted as unanimous decision goes in CLS's favour
Sign up for Risk.net email alerts
Nominated for two technology awards
Nominated for post trade technology award
Sponsored webinar: Collateral and counterparty tracking
Isda directors warn on fragmentation, access and liquidity - but expect problems to pass
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.