CLS Netting will be using blockchain technology based on Hyperledger Fabric – the open-source solution led by IBM.
CLS Group (CLS) has just announced its intent to release a payment netting service for buy-side and sell-side institutions’ FX trades that are settled outside the CLS settlement service. Participants will be able to submit FX instructions for six products, including non-deliverable forwards (NDFs), and 24 currencies over existing SWIFT-based channels. They will also have the option of connecting directly to the platform via a highly secure, permissioned distributed ledger, administered by CLS.
David Puth, CEO of CLS, commented: “Working with our settlement members and the buy-side, we have developed CLS Netting to address these challenges. The service will leverage our unique infrastructure, expertise and position as a trusted post-trade partner. It is a significant step forward in reducing risk and providing further efficiencies and resilience across the global FX market. CLS Netting is a critical component of our strategy to deliver a comprehensive suite of post-trade and risk mitigation services for the entire FX market.”
CLS says it will build the DLT platform for CLS Netting using Hyperledger Fabric, an industry-accepted, open-source solution, and is collaborating with IBM to help ensure that the platform meets the requirements necessary for delivering a resilient, secure, and scalable service.
“This is an example of the type of transformational change that distributed ledgers and permissioned Blockchain networks are bringing to the financial markets and other industries,” said Martin Jetter, Senior Vice President IBM Global Technology Services. “CLS and IBM have worked together for many years to continuously innovate, bringing security-rich technologies that can speed transactions and help reduce risk for the world’s global markets. This is another important technological advancement and an important next step in our partnership.”
The first phase will deliver a payment netting service for FX spot, forwards, NDFs, swaps, tomorrow/next day and same-day trades across the 18 currencies CLS currently settles, as well as the Chinese renminbi (offshore), Russian ruble, Polish zloty, Turkish lira, Thai baht and Czech koruna. Following the delivery of phase one, CLS will expand the service to include more currencies and attributes.
Participating Institutions
Tom Zschach, Chief Information Officer at CLS, added: “By bringing our expertise and connectivity across post-trade FX, our never-ending focus to improve security and resilience and the innovation of DLT together, CLS Netting will offer a solution that can be used by the broadest range of FX market participants in a safe and efficient manner.
Working with IBM to deliver CLS Netting using an open-source DLT solution will ensure the appropriate levels of confidentiality, security, standardization, scalability and flexibility required to create a meaningful network effect across the financial industry.”
John Blythe, Global Head of Currency Operations at Goldman Sachs, commented: “This is an important development for the post-trade landscape. CLS Netting will not only reduce risk in the FX market, but also optimize Liquidity and operational practices which are fundamental to success in the current FX market.”
These institutions have already committed to support the release of CLS Netting: Banco Actinver, Bank of America, Bank of China - Hong Kong, Bank of Tokyo-Mitsubishi UFJ, Citibank, FirstRand, Goldman Sachs, Goldman Sachs Asset Management, HSBC, Intesa Sanpaolo, JPMorgan Chase, Morgan Stanley, Neuberger Berman and Northern Trust.
CLS Group (CLS) has just announced its intent to release a payment netting service for buy-side and sell-side institutions’ FX trades that are settled outside the CLS settlement service. Participants will be able to submit FX instructions for six products, including non-deliverable forwards (NDFs), and 24 currencies over existing SWIFT-based channels. They will also have the option of connecting directly to the platform via a highly secure, permissioned distributed ledger, administered by CLS.
David Puth, CEO of CLS, commented: “Working with our settlement members and the buy-side, we have developed CLS Netting to address these challenges. The service will leverage our unique infrastructure, expertise and position as a trusted post-trade partner. It is a significant step forward in reducing risk and providing further efficiencies and resilience across the global FX market. CLS Netting is a critical component of our strategy to deliver a comprehensive suite of post-trade and risk mitigation services for the entire FX market.”
CLS says it will build the DLT platform for CLS Netting using Hyperledger Fabric, an industry-accepted, open-source solution, and is collaborating with IBM to help ensure that the platform meets the requirements necessary for delivering a resilient, secure, and scalable service.
“This is an example of the type of transformational change that distributed ledgers and permissioned Blockchain networks are bringing to the financial markets and other industries,” said Martin Jetter, Senior Vice President IBM Global Technology Services. “CLS and IBM have worked together for many years to continuously innovate, bringing security-rich technologies that can speed transactions and help reduce risk for the world’s global markets. This is another important technological advancement and an important next step in our partnership.”
The first phase will deliver a payment netting service for FX spot, forwards, NDFs, swaps, tomorrow/next day and same-day trades across the 18 currencies CLS currently settles, as well as the Chinese renminbi (offshore), Russian ruble, Polish zloty, Turkish lira, Thai baht and Czech koruna. Following the delivery of phase one, CLS will expand the service to include more currencies and attributes.
Participating Institutions
Tom Zschach, Chief Information Officer at CLS, added: “By bringing our expertise and connectivity across post-trade FX, our never-ending focus to improve security and resilience and the innovation of DLT together, CLS Netting will offer a solution that can be used by the broadest range of FX market participants in a safe and efficient manner.
Working with IBM to deliver CLS Netting using an open-source DLT solution will ensure the appropriate levels of confidentiality, security, standardization, scalability and flexibility required to create a meaningful network effect across the financial industry.”
John Blythe, Global Head of Currency Operations at Goldman Sachs, commented: “This is an important development for the post-trade landscape. CLS Netting will not only reduce risk in the FX market, but also optimize Liquidity and operational practices which are fundamental to success in the current FX market.”
These institutions have already committed to support the release of CLS Netting: Banco Actinver, Bank of America, Bank of China - Hong Kong, Bank of Tokyo-Mitsubishi UFJ, Citibank, FirstRand, Goldman Sachs, Goldman Sachs Asset Management, HSBC, Intesa Sanpaolo, JPMorgan Chase, Morgan Stanley, Neuberger Berman and Northern Trust.
Worldcoin Defies Regulatory Challenges: Seeks Partnership with OpenAI
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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