BNP Paribas, Citibank, JP Morgan & Actinver Go 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 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) market. This facilitates improvements for intraday Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and increased risk mitigation for non-CLS-settled currencies.

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.

"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."