Mizuho Bank Joins CLS Aggregation Services

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 Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term 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

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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.”