CLS launches NDF settlement
At the same time, ABN Amro introduced the first third-party customer, Bear Stearns Securities, which went live with the capability last Friday (December 7).
The introduction of settlement services for NDFs follows calls by members to introduce operational and cost efficiency when processing NDF trades (FX Week, April 18, 2005). The service covers 48 reference currencies, with the net proceeds settling in a CLS eligible currency.
CLS captures opening and valuation instructions, providing matching
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