Deutsche Bank has gone live on CLSNet, CLS’s bilateral payment netting calculation service.
CLSNet centralises and standardises post-trade processes across more than 120 currencies and a wide range of trade types, using a single common record in order to streamline post-trade matching and netting processes.
By providing users with a legal confirmation of their net payment obligations, the service aims to reduce risk and improve operational efficiency.
The announcement follows significant growth in the use of CLSNet, with a more than 400 per cent increase in daily volume of net calculations seen over Q1 2023.
Lisa Danino-Lewis, chief growth officer at CLS, says: “With our network expanding globally, participants are experiencing significant improvements in liquidity optimisation, operational efficiencies and risk mitigation. CLSNet is directly accessible to most market participants, ensuring that the benefits of the service are widely available to the FX industry.”
David Gary, head of FX trading for North America at Deutsche Bank, comments: “Joining CLSNet is a logical progression in our continued growth strategy and commitment to promoting the effective functioning of the wholesale FX market.”
