Barclays Connects to CLS’s Cross Currency Swaps Service

Barclays Bank has gone live on market structure infrastructure group CLS’ Cross Currency Swaps (CCS) service according to a story in The Trade news The CCS service, which is an extension of CLS’s payment-versus-payment (PvP) settlement service CLSSettlement, mitigates settlement risk for CCS transactions. Through the integration of CCS flows into CLSSettlement, the offering provides multilateral netting against all other FX transactions, resulting in liquidity optimisation benefits alongside reducing client’s daily funding requirements. “The adoption of our CCS service by Barclays, one of the world’s premier banking institutions, demonstrates the value and trust placed in our risk mitigation and liquidity management solutions by the industry,” said Lisa Danino-Lewis, chief growth officer at CLS. “The growing number of institutions, as well as growing volumes on the platform, underlines the industry’s commitment towards minimising settlement risk in the FX market.”