ABN AMRO Awarded Three CLS Third Party Mandates
ABN AMRO announced that has won mandates to supply third-party CLS services to three banks in Europe and the US. The bank’s services have been selected by Bear Stearns, Anglo-Irish Bank and Deutsche Postbank. ABN AMRO’s Global Transaction Services had previously supplied tested Continuous Linked Settlement (CLS) third party services across Deutsche Postbank’s global operations. ABN AMRO said it had won the Bear Stearns and Anglo-Irish mandates after a competitive pitch involving ‘all major providers’ of the new risk free settlement system for foreign exchange transactions. ABN AMRO was a founding shareholder of the CLS initiative in 1997 and last month was approved as a first wave Settlement Member of CLS Bank, launched on 9 September following authorisation from the Board of Governors of the US Federal Reserve System.