FXall Joins CLS Bank as Registered Vendor to Reduce Post Trade Risk
FXall has joined CLS Bank as a registered vendor. The partnership provides FXall clients with an integrated solution for processing CLS settled trades that increases post trade efficiencies and mitigates settlement risk across FXall’s diverse client base.
Settlement Center, FXall’s automated transaction processing and settlement solution, automatically recognises CLS-eligible trades and sends member notifications using standardised SWIFT MT300 and MT304 messaging formats to CLS member and CLS third party banks for final CLS processing. The solution also supports CLS trade matching for clients and counterparties so that CLS mismatches can be identified and communicated to clients, reducing settlement error. Settlement Center also facilitates CLS trade amendment processing, thereby enforcing CLS eligibility rules.