BNP Paribas, Crédit Agricole CIB and Natixis CIB have joined CLS’s cross-currency swaps (CCS) service, according to a statement from CLS. The service allows CCS transactions to be settled through CLSSettlement using payment-versus-payment (PvP), addressing the settlement risk linked to the high-value principal exchanges typical in these instruments. It also enables multilateral netting when used alongside OSTTRA MarkitWire, integrating CCS flows with other FX transactions.
CLS reports that average daily CCS volumes submitted to CLSSettlement increased by 87 per cent in 2025, pointing to growing uptake of PvP settlement in this segment.
Lisa Danino-Lewis, chief growth officer at CLS, said the onboarding comes amid “increased market volatility driven by geopolitical uncertainty,” adding that it has “highlighted the importance of sound risk mitigation and operational resilience.”
Risk and liquidity
Participants point to both risk and liquidity considerations. BNP Paribas says the service supports “efforts to increase operational efficiency, reduce risk, and optimize liquidity.” Crédit Agricole CIB highlights the “high settlement risk exposure” in CCS, while Natixis CIB points to the “settlement risk, liquidity, and funding benefits” of the model.
The service links CCS processing into existing post-trade workflows via MarkitWire, extending CLS’s PvP and netting model beyond spot and derivatives FX into longer-dated swap structures, according to CLS.
