Bank of America goes live on CLS’s CCS service
20 May 2026 US
Image: Leonid Andronov/stock.adobe.com
CLS, a financial market infrastructure group delivering settlement, processing, and data solutions, has announced that Bank of America has gone live on its cross-currency swaps (CCS) service.
The service, which is an extension of CLSSettlement, is designed to reduce settlement risk and improve efficiency for cross-currency swap transactions.
According to CLS, the service settles payment instructions for CCS principal exchanges using a payment-versus-payment (PvP) settlement mechanism, ensuring both sides of the transaction settle simultaneously.
CLS said the service can also integrate with MarkitWire’s post-trade processing platform and enables participants to benefit from multilateral netting for foreign exchange transactions.
The company added that the average daily settled value of CCS transactions submitted to CLSSettlement increased by 87 per cent in 2025.
Lisa Danino-Lewis, chief growth officer at CLS, says: “With FX trading volumes at record levels and the average daily settled value continuing to grow, mitigating settlement risk has never been more important.
“The continued expansion of our CCS service, alongside Bank of America’s go-live, demonstrates meaningful progress in reducing risk across the FX market.”
Carlos Fernandez-Aller, co-head of Global FICC Macro at Bank of America, adds: “In an environment of heightened market volatility and increasing intraday liquidity demands, reducing unsecured settlement risk is a priority.
“This milestone demonstrates our commitment to reducing counterparty risk on cross currency swap initial and final principal exchanges while delivering operational and liquidity efficiencies that will support the continued growth of our FX business.”
The service, which is an extension of CLSSettlement, is designed to reduce settlement risk and improve efficiency for cross-currency swap transactions.
According to CLS, the service settles payment instructions for CCS principal exchanges using a payment-versus-payment (PvP) settlement mechanism, ensuring both sides of the transaction settle simultaneously.
CLS said the service can also integrate with MarkitWire’s post-trade processing platform and enables participants to benefit from multilateral netting for foreign exchange transactions.
The company added that the average daily settled value of CCS transactions submitted to CLSSettlement increased by 87 per cent in 2025.
Lisa Danino-Lewis, chief growth officer at CLS, says: “With FX trading volumes at record levels and the average daily settled value continuing to grow, mitigating settlement risk has never been more important.
“The continued expansion of our CCS service, alongside Bank of America’s go-live, demonstrates meaningful progress in reducing risk across the FX market.”
Carlos Fernandez-Aller, co-head of Global FICC Macro at Bank of America, adds: “In an environment of heightened market volatility and increasing intraday liquidity demands, reducing unsecured settlement risk is a priority.
“This milestone demonstrates our commitment to reducing counterparty risk on cross currency swap initial and final principal exchanges while delivering operational and liquidity efficiencies that will support the continued growth of our FX business.”
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