Central Banking

CLS develops cleared FX settlement service with LCH.Clearnet

David Puth at CLS
David Puth, chief executive of CLS

Foreign exchange settlement provider CLS is working with multi-asset clearing firm LCH.Clearnet to develop a service that streamlines the settlement of cleared FX products as a way of mitigating settlement risk to industry participants.

"This new service is explicitly for cleared FX products and has a different risk design, which compresses the payment post-clearing, and makes payments smaller and more efficient," says Naresh Nagia, chief risk officer at CLS.

CLS's new service, which applies exc

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