WestLB to adopt Citigroup FX settlement service

Citigroup’s e-business unit developed Citibank CLS settlement services as part of its participation in the CLS initiative, which aims to reduce settlement risks in the foreign exchange business. By subscribing to Citibank CLS settlement services, WestLB will be able to offer its clients the same functionality as a full CLS settlement member.

Previously, there was no dedicated mechanism available that allowed financial institutions to use Citigroup's infrastructure to settle their foreign exchange transactions on a payment versus payment basis. Citigroup is the largest trader in the global foreign exchange business, and is one of the founding members of CLS.

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