CLS

Overall average trading demand for the month came in at $1.798 trillion.

Both the banks have joined a long list of other leading global banks as CLSNet users.

FX participants can net payments on CLSNet before settlement with corresponding banks.

The total average daily traded volume submitted to CLS in the month of July was $1.657 trillion.

Eight major banks are now using the service.

The collaboration allows asset managers to efficiently manage their trades eligible for CLSSettlement

He was Head of Securities and FX Markets at SWIFT earlier in his career

Swap FX volumes fell on a monthly comparison but were still higher year-on-year.

FX Swaps trading, in particular, led the solid performance during the month.

On an underlying basis, profit for the period was $1.6 million.

The clearinghouse reported an ADV of $1.75 trillion for the month.

The addition of CNCBI follows a larger trend of increased awareness of FX settlement risks.

The clearing house saw overall volumes grow by 16 percent compared to May

Bayle will be leaving his position at the European Central Bank to take on the role.

Trading was down in spot, forwards and swaps

For the first time this year, CLS reported an uptick in trading on both a MoM and YoY comparison.

FX forwards was the only sector to report a slight increase in traded volumes.

The UK bank stated that it settled $250 bln worth of FX transactions last year.

FX Forwards was the only sector to report both a monthly and yearly increase in trading activity.

Investment banking giants JP Morgan and Morgan Stanley are the first two companies to use the service.

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