CLS facing obstacles adding RMB to its platform

Market experts predict that a risk-free settlement mechanism could double trading of offshore RMB, but forex settlement utility CLS is facing obstacles in adding the Chinese currency to its platform

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Few entities in financial markets can boast as strong a track record in risk mitigation as CLS, the bank-owned utility that has sat at the heart of the foreign exchange industry since 2002. With expansion in Asia-Pacific a key strategic objective for the coming years, CLS is now battling against both technical and political headwinds to bring new banks and currencies in the region into its orbit.

Unlike other over-the-counter asset classes where market risk and credit risk typically cause the

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