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FOREIGN EXCHANGE

Bank of Mexico happy with CLS

The Mexican peso has completed a year as a CLS-eligible currency. During June 2009, the peak month to date, the average daily volume of instructions settled in Mexican peso was 2,468 with a USD equivalent value of $15 billion, compared with 1,389 worth $17 billion in June 2008 – a volume growth of over 77%.


Some 38 CLS Member banks are active in Mexican peso settlement.


CLS eliminates FX settlement risk through the world’s first simultaneous global multi-currency settlement system, settling payment instructions derived from foreign exchange deals. CLS is currently settling an average daily volume of over 500,000 instructions with a gross value of over $3 trillion. CLS currently provides its settlement service to over 5,000 participants. Of these, 59 are CLS members. Over the last year CLS has extended its service to include non-deliverable forward foreign exchange transactions and a central settlement service for over-the-counter credit derivatives transactions in partnership with The Depository Trust & Clearing Corporation.


The inclusion of the peso in CLS was recognition of the standing of the Mexican economy as well as the stability and efficiency of the banking and payment systems in Mexico. It improves the financial infrastructure of Mexico because it reduces risk and increases efficiency, and this is especially important in view of the financial crisis of the recent past.




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