CLS Group announced a net daily turnover of $100 billion for its settlement services in August. According to the company, the record numbers came as a result of “marked increase in adoption from market participants.”

Also, for the first six months, the average daily notional for net calculations of the year increased by 179% year-over-year (YoY).

CLSNet Will Continue To Streamline Post-Trade Matching Processes

CLSNet supports different currencies across the global spectrum. It is a bilateral payment netting calculation platform for both sell-side and buy-side institutions. The firm’s services help to streamline post-trade matching and netting processes.

Also, the services allow participants to maintain the FX Global Code which guides the FX market to promote a standardized principle of good service.

The network has several participants, which includes some of the leading international financial banks. Standard Chartered, Mashreq, and Deutsche Bank were onboarded by CLSNet earlier this year

CLSNet added that several regional and global banks have become part of its network. It shows that the market is having a strong appeal to participants who want to explore ways of optimizing liquidity, reducing operational costs, and mitigating settlement risks for their post-trade FX trading activities.

More Participants Show Interest In CLSNet Services

In addition to CLSNet, CLSSettlement is another service offered to participants, which mitigates settlement risks. Others include CLSOptimization which offers clients access to solutions to effectively manage FX portfolios and CLSTradeMonitor which makes trade execution more efficient. “We build the community, you join the world’s leading banks in FX,” the firm noted.

CLSNet service is offered in 120 currencies, while three banks have joined its growing community of regional and global financial services institutions. These include seven out of the top 10 major global banks. CLSNet was initially designed with IBM’s Hyperledger Fabric enterprise blockchain.

The milestone is coming as part of a wider strategy of shaking off CLS’ image as a traditional settlement provider. Several enhancements to the CLS products were upgrades of existing services that were initiated to make its services more efficient.

The firm was established in 2002 to minimize FX settlement risks. However, it is now expanding its services and promoting itself as a provider of innovative products such as nettling solutions, aggregation, and post-trade risk management solutions.