CLS has extended its services to cover the net proceeds of non-deliverable forward (NDF) trades. The service is going live with member banks and one-third party customer and it will cover 48 reference currencies. Proceeds will be settled in any of the existing 15 CLS settlement currencies.
According to CLS, the number of banks using the service is expected to expand rapidly in the first quarter. The addition of NDFs marks a new phase in CLS’s evolution, as the benefits are more from an operational standpoint than a mitigation of settlement risk.
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