CLS Group opens in HK

Increases the number of Asian currencies it settles.

CLS Group new office in Hong Kong allows it to increase the number of currencies in the Asia-Pacific region that it settles, adding to its existing ability to mitigate settlement of 17 currencies worldwide.

Among the currencies it settles are the Hong Kong dollar, Japanese yen, Singapore dollar, Australian dollar, New Zealand dollar and Korean won.

CLS said that with the increase of intra-Asian trade flows, it has identified a business need for the investment in new offices in the region, and plans to move toward adding further currencies as a result.

The new Hong Kong office is led by Rachael Hoey, Head of CLS Asia. She noted that establishing an office in Hong Kong affirms the growing importance of the Asia region and its currency markets.

“CLS is making progress in the region, which is reflected by the increasing level of support of our market engagement, particularly with respect to the renminbi,” she said.

CLS is a market infrastructure that enhances financial stability through the mitigation of FX settlement risk globally. It does this through the operation of the CLS Payment-versus-Payment (PvP) settlement service which mitigates settlement risk for the FX transactions of its Settlement Members and their customers. CLS is an “Edge Act Corporation” or a limited purpose bank regulated by the Federal Reserve Bank of New York.