CLS welcomes Bangkok Bank to CLSSettlement
CLS announced today that Bangkok Bank Hong Kong Branch is the first Thai bank to access CLSSettlement as a third-party participant.
The addition of Bangkok Bank, a leading bank in Thailand and a major regional bank in Southeast Asia, strengthens the growing community of banks in the Asia Pacific region that have adopted CLSSettlement. By participating in CLSSettlement, Bangkok Bank can access the highest standards of FX settlement risk mitigation while also benefiting from improved funding and operational efficiencies through CLS’s unique PvP system.
Akira Kato, Head of Client Engagement, Asia Pacific, CLS, commented:
“We are pleased to welcome Bangkok Bank as the first Thai bank to access CLSSettlement. As the FX market continues to evolve, it is critical that regional banks have access to robust and reliable solutions like CLSSettlement to mitigate FX settlement risk.
In Asia, a key aim for CLS is to broaden participation in CLSSettlement and expand adoption of CLS’s other solutions that make the FX market safer, smoother and more cost effective for market participants.”
Demand for CLSSettlement has risen steadily and outpaced growth in the FX market in the past few years, with average daily settled values now over USD6 trillion.
Adrian Fong, Treasury Head of Bangkok Bank Hong Kong Branch, said:
“It marks an important milestone for Bangkok Bank to have access to CLSSettlement. It will enhance our liquidity pool, reduce the settlement risk associated with FX settlement, and help the bank to grow its FX business further.”