CLS Group, a comprehensive provider of risk management and operational services for the foreign exchange (FX) market, has announced its newest settlement member to its global constituency, adding leading investment venue, Daiwa Securities Group, according to a CLS report.
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The addition of Daiwa Securities Group helps add to an already robust list that has swelled to sixty-five – this includes a panel of membership banks in the FX market. For its part, Daiwa Securities Group is one Japan’s largest financial institutions. The membership group is responsible for the settlement of upwards of $5.0 trillion a day, making the overall membership one of the largest in the world.
Per the latest addition, Daiwa Securities will also be afforded access to several benefits of CLS membership, which include access to large swaths of liquidity, IT efficiency, and currency trading support.
The addition of Daiwa Securities is the first at CLS Group since Wells Fargo back in June. CLS will look to benefit from a group with the caliber and scope of Daiwa Securities, given its role in the Japanese FX market. Japan currently boasts one of the largest hubs for trading in Asia.