South African Bank FirstRand Becomes CLS Member

CLS Group, the Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and operational services provider for the global FX market, announced today that FirstRand, one of South Africa’s largest banking groups, has joined the ranks of its settlement members.

FirstRand operates mainly in nine African countries- Botswana, Namibia, Swaziland, Lesotho, Zambia, Mozambique, Tanzania, Nigeria and of course South Africa. As such it plays an important role in the trading of many regional currencies, such as the rand. FirstRand now became the 64th settlement member of CLS.

“I am extremely pleased to welcome FirstRand as a CLS settlement member,” said David Puth, CEO of CLS. “This strengthens our presence in Africa and serves to confirm the critical role CLS plays in optimising risk management, operational and 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 efficiencies for the global FX market. Participation in CLS continues to grow and we look forward to welcoming new members as we evolve further.”

Andries du Toit, FirstRand Group Treasurer, said: “Joining CLS as a settlement member is a great boost to our clients that are active in the global FX market. The South African rand is Africa’s most actively traded currency and mitigating settlement risk is a key priority for many institutions. Participation within the CLS ecosystem will enable us to achieve this goal and help reinforce FirstRand’s position as South Africa’s financial services group of choice.”

In other news coming out of South Africa, last week the multi asset brokerage 28E Capital officially launched MT5 for its clients on the South African Futures Exchange (SAFEX).