Settlement Risk
Russian banks weigh up benefits of CLS membership
Local liquidity providers are pivotal to CLS success in the ruble, but Russian banks are not yet convinced of the benefits of membership
New York Fed demands better management of FX risks
Greater use of capital and collateral to mitigate all risks relating to FX trading is crucial, warns Jeanmarie Davis, head of financial market infrastructure at the NY Fed
CLS faces uphill battle to meet currency expansion targets
FX settlement system aims to add another 17 currencies within 10 years, but some caution that CLS membership doesn't make economic sense for certain emerging market currencies
CLS hires ex-New York Fed veteran to head regulation
Management changes at CLS continue with the appointment of Dino Kos, former head of FX at the New York Fed, as head of global regulatory affairs
CLS squares up to member onboarding challenges
Having added Swedbank and Lloyds as settlement members in the past two years, CLS has committed itself to further expanding its membership as well as its currencies
CLS adds Swedbank as a settlement member
The Swedish bank is the latest bank to become a settlement member of CLS, after Lloyds was added in September 2011
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published this week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
CLS aims to double currency coverage by 2022
New chief executive David Puth answers the pressure on CLS to add to its 17 currencies by setting a goal of doubling its coverage over the next 10 years
Spotlight on: David Puth, CLS
As newly appointed chief executive of CLS, FX industry veteran David Puth has a job on his hands to expand and improve the utility’s capabilities, currencies and participation to take it to where regulators and the industry need it to be. In his first…
CLS: the 10-year-old man in the middle
Ten years on from launch, CLS has come to occupy a unique and systemically important position in the global FX market. In the first of a two-part series, chairman Gerard Hartsink talks to Kathy Alys about CLS’s highs and lows in a decade as the market’s …
Concerns raised over Basel settlement risk guidance as consultation closes
The revised guidance on managing settlement risk could distort the FX market if implemented inconsistently, but should ultimately lead to greater use of CLS, say market participants
Happy birthday, CLS
Central settlement utility CLS hits its 10-year anniversary this month
Basel settlement risk guidance puts new demands on forex market
Governance, replacement cost risk, liquidity risk, operational risk and legal risk are among the issues FX banks must address, according to newly released Basel Committee guidance
CLS hires JP Morgan veteran as chief executive
David Puth will become the next chief executive of CLS, starting next week, the settlement risk utility announced today
FX market a challenge for CCPs, says New York Fed official
Central counterparties might struggle to implement clearing solutions for the FX market, says Jeanmarie Davis
New CPSS/Basel guidance on FX risk management to be published soon
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
FX Week China: Post-trade forex utilities are crucial in crisis times
CLS and FX clearing platforms are becoming a crucial part of the FX market, but they will need to co-operate closely in future, say FX Week China speakers
Slater and Holdcroft to join Bozian in CLS exit
Deputy chief executive officer Peter Slater has resigned from CLS, while both chief executive Alan Bozian and chief legal officer James Holdcroft will also leave the firm
Bozian to leave CLS
Alan Bozian will leave CLS at the end of April, to be replaced by Gerard Hartsink until the firm appoints a new chief executive
Basel guidance on settlement risk delayed until June
Updated guidance on FX settlement risk from Basel Committee and CPSS was originally due by end of 2011, but now has an expanded remit
FX Week meets Alan Bozian, CLS
During his most recent visit to London in mid-November, Alan Bozian, chief executive of CLS, met with Joel Clark to discuss the transformation agenda he has been pushing since joining CLS in 2010
CLS pushing 'transformation' agenda, says Bozian
Central settlement utility is feeding greater resources into expanding its universe of currencies, according to chief executive Alan Bozian
Spotlight on: Alan Bozian, CLS
The chief executive of CLS talks to Joel Clark about the transformation agenda he has been pushing since taking the top role in 2010, as he seeks to position CLS as a more robust infrastructure with greater currency coverage and broader participation
Profile: CLS Bank's Bozian on regulatory co-ops and CCP settlement risk
Regulators are struggling to ensure they have oversight of over-the-counter market infrastructure without losing the benefits of centralisation. CLS Bank’s council of supervisors could be the precedent they follow. By Michael Watt