Simplex in CLS Tie-up with HSBC
Simplex and HSBC have entered into a joint initiative which will give the bank’s Third Party clients access to a range of CLS related consultancy services. Announcing the new programme Michael Dugard, Head of Simplex’s CLS practice said ‘Like HSBC we have had a long – term association with the new settlement system and it is exciting to be involved at a time when a broader audience begins to recognise the benefits of CLS as well as the various systems, operational and process changes it dictates.’ Rob Bolton, CLS Programme Manager at HSBC who has been running the bank project since 1997, said ‘It is increasingly apparent that many Third Party customers see CLS as the opportunity to drive through very significant change in their existing systems and procedures. This is particularly true for those organisations that intend to operate through a complex group structure involving several submission sites and those that intend to offer their own CLS Fourth Party services.’ Simplex’s Third Party Implementation service provides detailed assistance in analysing and understanding the impact of CLS and the changes it will bring to an organisation’s trade flows, processes, procedures and systems. It addresses the new Liquidity and Risk Management regimes and provides a framework for developing, introducing and marketing Fourth Party Services.