BNY joins CLSNet service 29 April 2026UK Reporter: Tahlia Kraefft
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CLS has announced that BNY has gone live on CLSNet, its automated bilateral payment netting calculation service.
CLSNet standardises and automates post-trade matching and netting processes for global currencies.
BNY will use CLSNet to support risk mitigation, liquidity optimisation, and operational efficiencies for currency flows outside of CLSSettlement, including emerging market and developing economy currencies and same-day trades.
The service reduces payments exposed to settlement risk by centralising, standardising, and automating the netting calculation process, and consequently helps participants align with the best practices outlined in Principle 35 of the FX Global Code.
Jason Vitale, global head of execution services at BNY, comments: “Going live on CLSNet represents an important advancement in how we optimise and safeguard our FX operations against settlement risk, while strengthening the CLS ecosystem and network effect of the service.
"This step reflects our commitment to helping our clients access markets more efficiently.”
Lisa Danino-Lewis, chief growth officer, CLS, adds: “As adoption of our service continues to grow, the value of the network increases, enhancing operational resilience and efficiency across the FX industry.”
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