CLS and NEX Optimisation announce expansion of CLS Aggregation Service
July 10, 2017

CLS Group (CLS), a provider of risk mitigation and operational services for the global foreign exchange (FX) market, and NEX Optimisation, a NEX Group business which helps clients reduce complexity and optimize resources across the transaction lifecycle, have today announced the expansion of the CLS Aggregation Services LLC (CLSAS) to support the aggregation of non-CLS currencies.

CLS says the expansion of the service to include the aggregation of matched foreign exchange trades for offshore Chinese renminbi (CNH), Russian ruble (RUB), Turkish lira (TRY) and Polish zloty (PLN), each against the US dollar (USD) and euro (EUR), will provide significant operational efficiencies and risk mitigation benefits to a broader section of the market. The aggregated trades that include these four non-CLS currencies are not eligible for settlement in the CLS settlement service.

Mike Lawrence, Chief Administrative Officer for Foreign Exchange and Local Markets for Citibank, said: "Adding non-CLS currencies to the CLS Aggregation Service is another significant enhancement for participants and extends crucial operational and risk efficiencies from the service to other highly traded currency pairs."

Alan Marquard, Chief Strategy and Development Officer at CLS, said: "The expansion is an important development which will help our customers address additional operational and capacity challenges while further strengthening the value of this joint venture to the FX market."

Joanna Davies, Managing Director at Traiana, said: "The aggregation of additional currency pairs will further reduce payments, improve operational efficiencies and provide participants with additional tangible savings on settlement and infrastructure costs at a time when resources are scarce."

CLSAS is a trade aggregation service for FX spot transactions and addresses the operational and capacity challenges experienced by banks as a result of high frequency FX trading.

A joint venture between CLS and NEX Optimisation's Traiana business, the service works by aggregating matched FX trades to a single trade which in the case of the CLS currencies is then processed through to settlement in CLS. This results in reduced operational risk and enhanced capacity for the banks' middle and back office systems, which is especially beneficial for participants on peak volume days.





This site, like many others, uses small files called cookies to customize your experience. Cookies appear to be blocked on this browser. Please consider allowing cookies so that you can enjoy more content across assetman.net.

How do I enable cookies in my browser?

Internet Explorer
1. Click the Tools button (or press ALT and T on the keyboard), and then click Internet Options.
2. Click the Privacy tab
3. Move the slider away from 'Block all cookies' to a setting you're comfortable with.

Firefox
1. At the top of the Firefox window, click on the Tools menu and select Options...
2. Select the Privacy panel.
3. Set Firefox will: to Use custom settings for history.
4. Make sure Accept cookies from sites is selected.

Safari Browser
1. Click Safari icon in Menu Bar
2. Click Preferences (gear icon)
3. Click Security icon
4. Accept cookies: select Radio button "only from sites I visit"

Chrome
1. Click the menu icon to the right of the address bar (looks like 3 lines)
2. Click Settings
3. Click the "Show advanced settings" tab at the bottom
4. Click the "Content settings..." button in the Privacy section
5. At the top under Cookies make sure it is set to "Allow local data to be set (recommended)"

Opera
1. Click the red O button in the upper left hand corner
2. Select Settings -> Preferences
3. Select the Advanced Tab
4. Select Cookies in the list on the left side
5. Set it to "Accept cookies" or "Accept cookies only from the sites I visit"
6. Click OK

CLS Group (CLS), a provider of risk mitigation and operational services for the global foreign exchange (FX) market, and NEX Optimisation, a NEX Group business which helps clients reduce complexity and optimize resources across the transaction lifecycle, have today announced the expansion of the CLS Aggregation Services LLC (CLSAS) to support the aggregation of non-CLS currencies.

CLS says the expansion of the service to include the aggregation of matched foreign exchange trades for offshore Chinese renminbi (CNH), Russian ruble (RUB), Turkish lira (TRY) and Polish zloty (PLN), each against the US dollar (USD) and euro (EUR), will provide significant operational efficiencies and risk mitigation benefits to a broader section of the market. The aggregated trades that include these four non-CLS currencies are not eligible for settlement in the CLS settlement service.

Mike Lawrence, Chief Administrative Officer for Foreign Exchange and Local Markets for Citibank, said: "Adding non-CLS currencies to the CLS Aggregation Service is another significant enhancement for participants and extends crucial operational and risk efficiencies from the service to other highly traded currency pairs."

Alan Marquard, Chief Strategy and Development Officer at CLS, said: "The expansion is an important development which will help our customers address additional operational and capacity challenges while further strengthening the value of this joint venture to the FX market."

Joanna Davies, Managing Director at Traiana, said: "The aggregation of additional currency pairs will further reduce payments, improve operational efficiencies and provide participants with additional tangible savings on settlement and infrastructure costs at a time when resources are scarce."

CLSAS is a trade aggregation service for FX spot transactions and addresses the operational and capacity challenges experienced by banks as a result of high frequency FX trading.

A joint venture between CLS and NEX Optimisation's Traiana business, the service works by aggregating matched FX trades to a single trade which in the case of the CLS currencies is then processed through to settlement in CLS. This results in reduced operational risk and enhanced capacity for the banks' middle and back office systems, which is especially beneficial for participants on peak volume days.



Free subscription - selected news and optional newsletter
Premium subscription
  • All latest news
  • Latest special reports
  • Your choice of newsletter timing and topics
Full-access magazine subscription
  • 7-year archive of news
  • All past special reports
  • Newsletter with your choice of timing and topics
  • Access to more content across the site