CLS Group (CLS), a provider of risk management and operational services, has announced its newest settlement member to its global constituency, adding leading investment venue, Wells Fargo, according to a CLS report.
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The addition of Wells Fargo builds upon a robust list that is already 64 strong, including a panel of membership banks in the foreign exchange market. Collectively, this 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 addition, Wells Fargo will gain access to the myriad benefits of CLS membership, which include access to large swaths of liquidity, IT efficiency, and currency trading support.
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According to David Puth, Chief Executive Officer (CEO) of CLS, in a recent statement on the membership: “The addition of Wells Fargo is a great endorsement of the service CLS continues to provide to the foreign exchange market and global economy.
Participation in our service continues to grow and our settlement members, such as Wells Fargo, play a critical role in ensuring market participants have access to the highest standard of risk mitigation to support their trading operations and enhancing the safety and security of the global FX market.”
”CLS plays a critical role in the financial markets and we are delighted to have joined as a settlement member. Mitigation of settlement risk remains a top priority for Wells Fargo and our participation in CLS will allow us to achieve this goal,” said Sara Wardell-Smith, Global Head of the FX & International Treasury Management Division, EVP, at Wells Fargo.
CLS Group recently made headlines after it reported its May volumes that were pointed lower – CLS’s submitted average daily input volume, which combined its settlement and aggregation services, registered just 969,061 during May 2016, down -9.7% MoM amidst an uneven year of volumes.