CLS Group and Traiana have announced that Mizuho Corporate Bank has joined CLS Aggregation Services (CLSAS). Mizuho joins nine other global banks in CLSAS which provides trade compression services to participants active in the over-the-counter FX market. CLSAS works by compressing matched FX transactions to a single aggregate trade which is then processed for settlement by CLS. According to CLS, benefits for participants includes “reduced market and operational risk, streamlined processing and standardized post-trade and pre-settlement delivery.” CLSAS was launched in January 2010 and in Q1 2013 achived average daily volumes growt of 45% to 440,000 from the same period in 2012.
Commenting on the news in their prepared statements
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David Puth, CEO of CLS, said: “This is another significant milestone for CLS Aggregation Services as we welcome Mizuho as a participant. We have seen strong growth in volumes for the service over the past year, highlighting the role it plays in both reducing risk and further strengthening the FX market’s global infrastructure.”
Andrew Coyne, CEO, Traiana said: “We are delighted to welcome Mizuho to CLSAS. In the two years since its launch, CLSAS has been instrumental in reducing operational risk and helping to unlock capacity for its users, supporting their own business growth. With Mizuho on board as the first Asian bank, the service is expanding its global reach”
Mr. Nakano, Executive Officer and General Manager of the Forex Division, Mizuho added: “I am pleased that Mizuho has joined CLS Aggregation Services as the first participant from Asia. The trade compression service will help mitigate operational risk, providing us with resource and processing efficiencies.”