CLS’s Nagia on overcoming the challenges of forex clearing

As CLS expands into cleared derivatives, its CRO must navigate uncharted risk territory

Naresh Nagia: “Normally risk managers are a support function within a business. Here you’re mainstream.”

Naresh Nagia toiled for more than 10 years as a risk manager in the banking, asset management and insurance industries before landing his ideal job as the chief risk officer of CLS Bank.

“I’m a risk manager in a risk management firm,” says Nagia. “Normally risk managers are a support function within a business. Here you’re mainstream.” 

Since going live in 2002, CLS has effectively eliminated settlement risk in the interbank spot foreign exchange market. Now, it plans to do the same for