Citibank has been appointed as the sole service provider of continuous linked settlement (CLS) Third Party Settlement Services of The Bank of East Asia (BEA). The agreement will enable BEA to settle its foreign exchange transactions through CLS Bank. Citibank CLS Settlement Services allows financial institutions that are not CLS Settlement Members to access the CLS settlement process. CLS is a real-time global settlement process that reduces settlement risk caused by foreign exchange (FX) transactions occurring across different time zones. Both sides of an FX transaction are settled simultaneously through CLS Bank on a payment versus 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.