{"id":502496,"date":"2021-07-19T10:22:37","date_gmt":"2021-07-19T09:22:37","guid":{"rendered":"https:\/\/ibsintelligence.com\/?p=502496"},"modified":"2021-09-21T12:11:51","modified_gmt":"2021-09-21T12:11:51","slug":"cls-welcomes-the-fx-global-code-changes-on-payment-versus-payment","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/cls-welcomes-the-fx-global-code-changes-on-payment-versus-payment\/","title":{"rendered":"CLS welcomes the FX Global Code changes on payment-versus-payment"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-502504 alignright\" src=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS-300x300.jpg\" alt=\"\" width=\"175\" height=\"175\" srcset=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS-300x300.jpg 300w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS-150x150.jpg 150w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS-100x100.jpg 100w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS-60x60.jpg 60w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS-90x90.jpg 90w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2021\/07\/CLS.jpg 400w\" sizes=\"auto, (max-width: 175px) 100vw, 175px\" \/><\/a><a href=\"https:\/\/www.cls-group.com\/\">CLS<\/a>, a financial market infrastructure delivering settlement, processing and data solutions across the global FX ecosystem, welcomes changes to the FX Global Code (the Code). This places greater emphasis on using payment-versus-payment (PvP) settlement mechanisms where available and provides more detailed guidance on settlement risk management where PvP settlement is not used.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The specific changes to the Code concerning the mitigation of FX settlement risk and best practices in post-trade processing are:\u00a0<\/span><\/p>\n<p>Principle 35:<span data-preserver-spaces=\"true\">\u00a0strengthening the importance of PvP settlement to mitigate settlement risk where possible and the use of automated settlement netting systems where it is not.\u00a0<\/span><\/p>\n<p>Principle 50:<span data-preserver-spaces=\"true\">\u00a0more detailed guidance on the measurement, monitoring and control of settlement risk where PvP settlement is not available, with a greater emphasis on the confirmation process of bilateral netting and the agreement of predetermined cut-off points.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CLSNet is a standardized, automated bilateral netting service for FX trades settling outside the CLSSettlement service in approximately 120 currencies and supports Principle 35 and Principle 50 of the Code. All transactions sent to CLSNet are validated and matched up to the predetermined cut-off times between counterparties for each currency.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Marc Bayle de Jess\u00e9, CEO of CLS, said: \u201cWe fully support the changes to the Code as it will encourage FX market participants to explore ways to mitigate risk further and reduce operational costs by adopting a best practice approach to FX settlement risk management and netting. In support of these changes to the Code, and in order to make access to PvP settlement mechanisms more widely available, we are working with the market to evaluate potential PvP solutions for currencies that are currently unable to settle in CLSSettlement. In late 2020, we established an industry working group and are actively exploring opportunities with the market to mitigate settlement risk further and unlock liquidity.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Recently, <a href=\"https:\/\/ibsintelligence.com\/ibsi-news\/finastra-partners-with-cls-to-offer-payment-netting-service-to-customers\/\">IBS Intelligence reported<\/a> that Finastra today announced a partnership with CLS in a bid to offer its customers access to CLS\u2019 bilateral payment netting calculation service, CLSNet. The new collaboration is expected to accelerate Finastra\u2019s Marketplace strategy and enable its customers to access CLSNet without additional development.<\/span><\/p>\n","protected":false},"author":18,"featured_media":502504,"parent":0,"template":"","categories":[11378,11384,11372],"tags":[15788,11508],"class_list":["post-502496","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-open-banking","category-payments","category-risktech","tag-cls","tag-europe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CLS welcomes the FX Global Code changes on payment-versus-payment<\/title>\n<meta name=\"description\" content=\"CLS, a financial market infrastructure delivering settlement, processing and data solutions across the global FX ecosystem, welcomes changes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/cls-welcomes-the-fx-global-code-changes-on-payment-versus-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CLS welcomes the FX Global Code changes on payment-versus-payment\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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