Wells Fargo becomes latest member of CLS
Settlement volumes rose 12.6% in June to stand at $2.56 trillion
US bank Wells Fargo has joined foreign exchange settlement utility CLS, becoming the 65th settlement member of the service, which settled a daily average of $2.595 trillion in trades in June.
CLS said Wells Fargo will benefit from significant liquidity, and operational and IT efficiencies, which will enable it to support its currency trading operations and enhance its focus on customers.
"I am very pleased to welcome Wells Fargo as a CLS settlement member," said CLS chief executive David Puth.
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