Société Générale Connects to CLS’s Cross Currency Swaps Service

Société Générale has gone live on market infrastructure group CLS’ cross currency swaps (CCS) service. According to a story in The Trade news, CCS trades have notable settlement risk exposure linked to the high value of the initial and final principal exchanges. Settling these trades on a gross bilateral basis also results in operational inefficiencies and liquidity constraints. The CCS service can be used in conjunction with post-trade processing platform MarkitWire to integrate CCS flows into CLSSettlement, providing the ability for participants to benefit from multilateral netting against all FX transactions. As a result, this leads to an optimization of liquidity, alongside a reduction in daily funding requirements.