BNP Paribas, Citibank, JP Morgan & Actinver Go Live on CLSNet

There are now nine market participants live on CLSNet.

CLS, a provider of market infrastructure, announced this Wednesday that Actinver, BNP Paribas, Citibank, and J.P. Morgan are now all live on CLSNet, a payment netting calculation service.

CLSNet is operated on a distributed ledger technology (DLT) platform. The service standardizes and increases the levels of payment netting in the foreign exchange (forex) market. This facilitates improvements for intraday liquidity and increased risk mitigation for non-CLS-settled currencies.

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With the addition of the three new members, there are now nine market participants live on CLSNet. This includes the Bank of America, Bank of China (Hong Kong), Goldman Sachs, and Morgan Stanley, with more set to join in 2020.

New additions are “testament” to CLSNet value

Commenting on the announcement made this Wednesday Alan Marquard, Chief Business Development Officer, CLS, said in the statement: “The addition of these latest participants is testament to the value which CLSNet is delivering to the FX market. 

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“The service continues to gain flow and participants and is operating efficiently. We will continue to invest in the growth and resilience of the service and have a roadmap of enhancements that will further expand the value proposition to clients.”

CLSNet can be used by both settlement members and non-CLS banks and the buy-side. CLS Group is a leading provider of risk mitigation and settlement services for forex dealers and institutions.

“We are looking forward to seeing significant benefits to BNP Paribas in the form of reduced operational processes and associated risks, as well as support for business growth in the trading of non-core currencies,” added Joe Nash, Foreign Exchange and Local Markets Digital COO, BNP Paribas in the statement.

Brian Gallagher, Managing Director, Markets Operations, J.P. Morgan, also explained: “CLSNet will bring efficiencies in the FX settlement for non-CLS settled transactions and provide other valuable benefits to our FX business.”

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