CLS announces post-trade platform for Financial Market Infrastructures

Rick Steves

The upgrade allows greater control of change delivery for its settlement solutions and provides a single platform to support CLSSettlement, CLSClearedFX and CLSNow.

CLS has completed Convergence, a significant phase of its multi-year technology investment program, to deliver its advanced post-trade technology platform for global financial market infrastructures (FMIs).

CLS has migrated CLSSettlement onto its Unified Services Platform (USP), thereby optimizing the underlying technology platform supporting its settlement services.

SIX crosses the Atlantic and opens office in the United States

The upgrade allows greater control of change delivery for its settlement solutions and provides a single platform to support CLSSettlement, CLSClearedFX and CLSNow.

The new platform gives CLS complete ownership of application development and change delivery, with in-house specialists managing ongoing platform support as well as design and development of its settlement services, not to mention enhanced monitoring and automation.

Tom Barkhuff, Chief Information Officer, CLS, commented: “At CLS we are constantly assessing and evaluating new methods to improve our services for the benefit of our members. Our Convergence program is testament to our commitment to this strategy.

“The priority for us is that new technological solutions meaningfully drive efficiency while also meeting extraordinarily high standards of resilience. Through a multi-year technology investment program, we have kept this focus and delivered upon our objective of implementing a best-in-class technology stack for the industry, addressing the needs of our members while maintaining the high standards expected of a systemically important FMI.”

CLS has recently commented on the update to the Global FX Code. The firm welcomed the changes to settlement risk principles on payment-versus-payment and netting.

Changes have placed greater emphasis on the use of PvP settlement mechanisms where available, and provide more detailed guidance on the management of settlement risk where PvP settlement is not used.

CLSSettlement supports market participants with adherence to the updated Code as it uses a PvP system, mitigating settlement risk by settling the payment instructions relating to underlying FX transactions simultaneously.

Today, the service settles over USD5.5 trillion of payments in 18 of the most actively traded currencies globally, for more than 70 direct participants and over 25,000 indirect participants.

The updated version of the Global FX Code was released this week. Eleven of the Code’s fifty-five principles were reviewed.

The committee strengthened the Code’s guidance on anonymous trading, algorithmic trading and transaction cost analysis, disclosures, and settlement risk.

Read this next

Retail FX

Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

Retail FX

Lark Funding reopens to US traders, MyFundedFX picks cTrader

Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

Institutional FX

Cboe FX volume falls to lowest level since summer

Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

Retail FX

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Digital Assets

New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

Digital Assets

Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Digital Assets

Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

Institutional FX

Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

Industry News

Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

<