CLS announced that Bangkok Bank Hong Kong Branch is the first Thai bank to connect to CLSSettlement as a third party.
Bangkok Bank, a major bank in Thailand and Southeast Asia, is joining CLSSettlement, a platform designed to reduce currency settlement risks. Through this platform, Bangkok Bank can enjoy improved funding and operational efficiencies, as well as higher standards of FX settlement risk management. This adds to the developing network of Asian Pacific financial institutions using CLSSettlement.
Head of Client Engagement, Asia Pacific, CLS, Akira Kato, said:
We are pleased to welcome Bangkok Bank as the first Thai bank to access CLSSettlement. As the FX market continues to evolve, it is critical that regional banks have access to robust and reliable solutions like CLSSettlement to mitigate FX settlement risk.
In Asia, a key aim for CLS is to broaden participation in CLSSettlement and expand adoption of CLS’s other solutions that make the FX market safer, smoother and more cost effective for market participants.
The demand for CLSSettlement has been increasing. This is more than the growth of the FX market, with the daily value of transactions now totaling more than 6 trillion US dollars.
Treasury Head of Bangkok Bank Hong Kong Branch, Adrian Fong, said:
It marks an important milestone for Bangkok Bank to have access to CLSSettlement. It will enhance our liquidity pool, reduce the settlement risk associated with FX settlement, and help the bank to grow its FX business further.
Read more: Clearstream, Proxymity Launch Digital Meeting | Brokers Times
