CLS Bank declared the elimination of settlement risk in the foreign exchange markets with the live launch of its Continuous Linked Settlement (CLStm) service – settling live instructions for foreign exchange trades. ‘Each side of a foreign exchange trade can now be settled simultaneously and irrevocably, in a payment versus payment (PVP) mode,’ said an announcement. Under CLS, seven of the world’s central banks and many of the world’s leading financial institutions are linked via a global settlement system. CLS has 66 of the world’s financial institutions participating as shareholders. This group represents over 80% of the world’s foreign exchange business by value. An initial 39 of these shareholders have passed trials for CLS Bank Settlement Membership and will start today to begin settling instructions for their ‘bank-to-bank’ foreign exchange activity. The service will be expanded by the end of the year to include customers of CLS Bank Settlement Members.
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.