BNY Joins CLSNet

BNY has become the latest bank to go live on CLSNet, CLS’s bilateral payment netting calculation service.

CLSNet standardises and automates post-trade matching and netting processes for over 120 currencies and is the settlement service provider’s solution for currency flows outside of the main CLS Settlement service. These are largely in emerging market and developing economy currencies and same-day trades.

CLSNet saw a significant rise in adoption in 2025, recording an average daily netted value of $177 billion over the past 12 months, up 9% year-on-year. The CLSNet community now includes what CLS says are the top 12 global banks and is available to regional banks, funds, corporates and non-bank financial institutions.

“BNY, a key participant in the FX market and a significant global custodian, is a welcome addition to our network and marks another significant step in strengthening post-trade standards across the FX market,” says Lisa Danino-Lewis, chief growth officer at CLS. “As adoption of our service continues to grow, the value of the network increases, enhancing operational resilience and efficiency across the FX industry.”

Jason Vitale, global head of execution services, BNY, adds, “Going live on CLSNet represents an important advancement in how we optimise and safeguard our FX operations against settlement risk, while strengthening the CLS ecosystem and network effect of the service. This step reflects our commitment to helping our clients access markets more efficiently.”