JP Morgan and Goldman Sachs Go Live with CLS FX Settlement

US investment banks JP Morgan and Goldman Sachs are the first firms to go live on a same-day FX settlement service launched by CLS. Known as CLSNow, the bilateral FX gross payment-versus-payment settlement service allows banks to exchange currency positions with mitigated settlement risk on an almost real-time basis. CLS said that the service was developed as banks seek efficient ways to manage liquidity in light of the tightening, or neutral, stance of central bank monetary policy, and post-financial crisis reforms. Currencies offered on CLSNow include Euro, UK pound sterling, US dollar, and Canadian dollar with plans to add more over time.