Three French banks go live on CLS’s CCS service
31 March 2026 UK
Image: InfiniteFlow/adobe.stock.com
BNP Paribas, Crédit Agricole CIB, and Natixis CIB, have gone live on Continuous Linked Settlement (CLS’s) Cross Currency Swaps (CCS) service.
CLS’ CCS service can be used in conjunction with the post-trade processing platform OSTTRA MarkitWire to integrate CCS flows into CLSSettlement.
This allows participants to benefit from multilateral netting against all FX transactions.
The firm says as FX markets develop, there is an increasing demand for efficient settlement mechanisms, particularly among financial institutions seeking to align with best practices outlined in Principle 35 of the FX Global Code.
Lisa Danino-Lewis, chief growth officer, CLS, says: “BNP Paribas, Crédit Agricole CIB, and Natixis CIB will all benefit from the efficiencies and risk reduction that CLS’s services provide. With increased market volatility driven by geopolitical uncertainty, the past year has highlighted the importance of sound risk mitigation and operational resilience for market participants.”
Julien Serror, global head of Cross Currency Swaps and CEE, Crédit Agricole CIB, remarks: “Mitigating settlement risk continues to be a primary focus for institutions such as Crédit Agricole CIB. Cross currency swaps in particular have a high settlement risk exposure, so we’re pleased to find a solution through CLS’s service.
“Making the move to multilateral netting will open up liquidity across our FX activity and support our operational efficiency — benefits our clients will be delighted with.”
Olivier Lamy, Macro Markets, head of Strategic Projects, Natixis CIB, adds: “Its unique PvP settlement system and netting capabilities will enhance and improve our FX operations. We believe the settlement risk, liquidity, and funding benefits that CLS’s CCS service will provide will be hugely beneficial for our business.”
CLS’ CCS service can be used in conjunction with the post-trade processing platform OSTTRA MarkitWire to integrate CCS flows into CLSSettlement.
This allows participants to benefit from multilateral netting against all FX transactions.
The firm says as FX markets develop, there is an increasing demand for efficient settlement mechanisms, particularly among financial institutions seeking to align with best practices outlined in Principle 35 of the FX Global Code.
Lisa Danino-Lewis, chief growth officer, CLS, says: “BNP Paribas, Crédit Agricole CIB, and Natixis CIB will all benefit from the efficiencies and risk reduction that CLS’s services provide. With increased market volatility driven by geopolitical uncertainty, the past year has highlighted the importance of sound risk mitigation and operational resilience for market participants.”
Julien Serror, global head of Cross Currency Swaps and CEE, Crédit Agricole CIB, remarks: “Mitigating settlement risk continues to be a primary focus for institutions such as Crédit Agricole CIB. Cross currency swaps in particular have a high settlement risk exposure, so we’re pleased to find a solution through CLS’s service.
“Making the move to multilateral netting will open up liquidity across our FX activity and support our operational efficiency — benefits our clients will be delighted with.”
Olivier Lamy, Macro Markets, head of Strategic Projects, Natixis CIB, adds: “Its unique PvP settlement system and netting capabilities will enhance and improve our FX operations. We believe the settlement risk, liquidity, and funding benefits that CLS’s CCS service will provide will be hugely beneficial for our business.”
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