CLS has announced the enhancement of its post-trade platform for global financial market infrastructures (FMIs). The firm has migrated CLSSettlement onto its Unified Services Platform (USP), optimising the technology that supports its settlement services. This integration allows CLS to control change delivery for CLSSettlement, CLSClearedFX, and CLSNow on a single platform.
The new USP platform enables CLS to manage application development and change delivery internally. In-house specialists will oversee platform support, design, and development of settlement services, alongside improved monitoring and automation.
CLS has also addressed updates to the Global FX Code, supporting changes to settlement risk principles on payment-versus-payment (PvP) and netting.
CLSSettlement, which uses a PvP system, helps market participants adhere to the updated Code by mitigating settlement risk through simultaneous settlement of payment instructions for FX transactions.
