CLS Adds Japanese Corporate

NYK Line, a shipping and logistics company in Japan, has gained access to CLS Settlement as a third-party participant.

The company is settling its FX transactions via its third-party service provider, MUFG Bank, supported by Bloomberg FXGO Confirmation and Settlement Services, which is part of an that firm’s FXGO platform that enables online reconciliation FX transactions between dealers and their clients. CLS says NYK Line will now benefit from the enhanced liquidity and flexibility in FX execution.

It adds the collaboration with MUFG and Bloomberg will also help streamline their FX matching and execution needs, allowing NYK Line to further optimise and safeguard its treasury and currency management functions. NYK Line’s participation highlights the growing adoption of CLS Settlement by corporates in Japan and demonstrates the commitment to improving the overall efficiency and safety of the FX market in the Asia Pacific region, the settlement service provide continues.

“By using CLS Settlement, NYK Line and other large multinational corporates can enhance their risk management, FX operations, cash management and settlement processes,” says Lisa Danino-Lewis, chief growth officer at CLS. “This latest development is seen as a progressive approach for Japanese companies, as it allows them to effectively manage their treasury functions and align with market best practices.”

Takashi Kurokawa, general manager of finance group at NYK Line, adds, “By accessing CLS Settlement through MUFG and utilising Bloomberg’s matching service, we expect to further reform our operations and strengthen our cost competitiveness. We also feel that there is great potential, and we look forward to future results.”