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Bank of East Asia to use Citi for CLS
The Bank of East Asia (BEA) in Hong Kong is to use Citigroup's third-party continuous-linked settlement (CLS) service. This will enable BEA to settle its FX trades through the New York-based CLS Bank from December.
David Li, chairman and chief executive of BEA in Hong Kong, said using CLS would enhance the bank's FX operations, "particularly with regard to overall efficiency and security."
Citi now has 48 third-party clients of its third-party CLS service, 27
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