CLS Adds Philippine Bank as Third-Party Member

Just a week after revealing a number of Asian banks had joined its CLSNet service, CLS continues to grow its reach in the region with news that Philippine-based RCBC has become a third-party participant in the utility’s core CLS Settlement service.

RCBC will access CLS via UBS, one of 76 Settlement Members, meaning, CLS says, it will reduce settlement risk levels and funding requirements, as well as improve operational facility.

“Settlement risk continues to be a priority for FX market participants and policymakers alike,” observes Lisa Danino-Lewis, chief growth officer at CLS. “Enabling regional banks to access CLS Settlement through CLS settlement members plays an important role in managing this risk. We remain committed to broadening participation in across Asia Pacific, as more institutions look to strengthen settlement risk mitigation for Asian currencies.”

Alberto Magno Pedrosa, treasurer at RCBC, adds, “RCBC’s integration into CLS Settlement not only strengthens the bank’s liquidity but also diversifies its global reach. This access directly fuels the accelerated growth of RCBC’s foreign exchange business by opening doors to a wider, more diverse selection of global FX counterparties.”