Nedbank Capital, the investment banking business of Nedbank Limited which is the South Africa based principal banking subsidiary of Nedcor Limited, has announced a re-evaluation of its treasury management operations at its head office in response to the introduction of the South African rand as a CLS currency. Having conducted a full review of the impact of CLS since its early days, Nedbank Capital has chosen City Networks’ Gateway solution that enables participation in CLS by offering a single point of control and examining each confirmation to determine whether the trade should be settled through CLS. Nedbank Capital also took the decision to establish HSBC as its settlement member to achieve the benefits of CLS access without incurring the major costs of direct membership.
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