Taipei Fubon Bank is the first Taiwanese bank to commit to using CLSNet, CLS’s bilateral payment netting calculation service for over 120 currencies.

Taipei Fubon Bank is the latest participant to join the growing CLSNet community, which includes eight of the top 10 global banks. The service has experienced a significant rise in adoption over the past eighteen months, reporting record volumes and growth. The average daily notional value of net calculations in CLSNet have consistently exceeded USD105 billion in the last 12 months, and in September 2023 it reached a record daily notional of USD367 billion netted.

CLSNet offers standardization and automation through a centralized platform which mitigates risk, reduces operational costs and optimizes liquidity for a growing network of FX market participants. As settlement risk in the FX market continues to be a focus, especially in emerging market currencies and other growing segments of the market, participants are looking for ways to mitigate risk effectively via automated post-trade services such as CLSNet.

Lisa Danino-Lewis, Chief Growth Officer, CLS, commented:

“We are delighted to welcome Taipei Fubon Bank, our first Taiwanese bank, to the CLSNet global network. This latest addition underscores the growing focus from FX market participants on the importance of risk mitigation, operational efficiency and liquidity management. At CLS, we are committed to growing CLSNet and are excited to further expand our services in the Asia Pacific region.”

James Wang, Head of Operations, Taipei Fubon Bank, added:

“By becoming a participant in CLSNet, we will be able to access unparalleled levels of standardization and centralization in our post-trade processes. Furthermore, joining the service enhances our operational efficiencies, reduces risk and lowers our costs.”