WestLB has subscribed to Citibank CLSTM Settlement Services for foreign exchange settlement. Continuous Linked Settlement (CLS) aims to reduce the settlement risk caused by foreign exchange transactions occurring across various time zones. This is achieved by the simultaneous settlement of both sides to a foreign exchange transaction. CLS will initially commence operations with approximately 40 participating banks. Citibank e-Business has developed Citibank CLS Settlement Services, which WestLB will be able to offer to German savings banks and Landesbanks. Through this agreement, the advantages of CLS settlement will be made accessible to a large number of qualified financial institutions. Previously, there was no dedicated mechanism available in which financial institutions could utilize Citibank’s infrastructure to settle their foreign exchange transactions on a payment vs. payment basis.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.