South African Bank Goes Live With CLS
FirstRand Bank has entered the CLS Settlement community in association with CLS settlement member ABN AMRO. FirstRand is the first South African based bank to join CLS. Its entry will mean a significant boost to Rand settlements via CLS. FirstRand Bank is already settling its own CLS eligible trades live with CLS Bank through ABN AMRO, to great effect. FirstRand Bank has committed to the South African Reserve Bank (SARB) and CLS Bank to provide rand liquidity. They also offer rand account agency services to international banks, to facilitate and support the Rand’s entry and acceptability to CLS.