FleetBoston Financial Selects HSBC as Settlement Bank for CLS
HSBC has been chosen by FleetBoston (Fleet) as settlement bank for its FX continuous linked settlement (CLS) trades. HSBC is settlement member for Fleet for the processing of over 100,000 eligible FX transactions annually, and processed its first transactions for the US bank on 25 June 2003. Fleet’s CLS steering committee included representatives from the bank’s FX operations, audit, risk management and legal departments. During the selection process each candidate’s response was weighted on a scorecard that evaluated current and future service, systems architecture and functionality, pricing and liquidity, implementation support and continuity capabilities. HSBC was rated top among the four banks short-listed from the initial list of candidates.