CLS registers record CLSNet average daily notional of net calculations in August 2022
In August 2022, CLS saw a record USD100 billion in the average daily notional of net calculations in CLSNet. The record is supported by a marked increase in adoption from market participants and follows the 179% year-on-year increase in the average daily notional of net calculations in H1 2022.
The increasing number of global and regional banks joining the CLSNet demonstrates its appeal to market participants exploring ways to mitigate settlement risk, reduce operational costs and optimize liquidity for their post-trade FX trading processes.
In June 2022, for instance, CLS announced that Deutsche Bank, Mashreq and Standard Chartered are at various stages of onboarding to CLSNet, a standardized, automated bilateral payment netting calculation service for approximately 120 currencies. They join the growing CLSNet community of global and regional banks, which includes seven of the top ten global banks.
CLSNet standardizes and centralizes post-trade processes across the global currency spectrum and in doing so reduces risk, enhances efficiency and improves liquidity for a growing network of FX market participants.