Goldman Sachs and Morgan Stanley are the first institutions to use the new standardized, automated bilateral payment netting service for foreign exchange created by FX settlement service provider CLS.
CLSNet will match, provide confirmation and calculate net payments for FX trades, standardizing payments netting to reduce costs and increase liquidity.
It will also help users comply with certain principles of the FX global code of conduct, which calls for a greater level of standardization in FX trading.
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