Demand has never been higher from market participants for risk mitigation, liquidity optimization and post-trade efficiency. Keith Tippell, Head of Product, CLS: “We are delighted to welcome Goldman Sachs as the latest participant in our cross-currency swaps settlement service. Richard Chambers, global head of Short Macro Trading at Goldman Sachs comments: “Becoming a participant of the cross-currency swap service provided by CLS and IHS Markit helps us to further mitigate settlement risk, and we expect to see further operational and funding efficiency benefits as more counterparties join the service.” The cross-currency swap flows are multilaterally netted against all other FX transactions in CLSSettlement, resulting in a significant reduction in daily funding requirements for clients and considerable liquidity optimization benefits across the industry. The service is an extension of CLS’s unique payment-versus-payment (PvP) settlement service and uses the MarkitSERV trade confirmation platform to allow CLSSettlement members to send their cross-currency swaps into CLSSettlement for settlement. There are now eight settlement members live on the service, including some of the largest global banks. CLS, a market infrastructure group delivering settlement, processing and data solutions, and IHS Markit, a world leader in critical information, analytics and solutions, today announced that Goldman Sachs has joined its cross-currency swaps settlement service.
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