Swiss bank UBS and First Abu Dhabi Bank join the growing CLSNet community of global and regional banks, which includes seven of the top ten global banks.
First Abu Dhabi Bank (FAB) and Swiss bank UBS have gone live on CLS’s bilateral payment netting calculation service for over 120 currencies, the market infrastructure group announced in a media release Tuesday.
They will join the growing CLSNet community of global and regional banks, which includes seven of the top ten global banks. CLS is an international market infrastructure group delivering settlement, processing and data solutions
Reducing Risks
CLSNet standardizes and centralizes post-trade processes across the global currency spectrum – and in doing so reduces risk, enhances efficiency and improves liquidity for a growing network of FX market participants.
In going live on CLSNet, FAB and UBS will benefit from a centralized platform with matching and legal confirmation of over 120 currencies for FX products, including same-day trades and NDFs.
«CLSNet will enable us to address our wider post-trade processing needs and automate our bilateral netting activity with fellow participants,» Steve Forrest, Global Head FX Operations, UBS, added.
