CLS Migration to New Platform Complete
Posted by Colin Lambert. Last updated: July 21, 2021
CLS has completed what it terms the “largest change initiative” it has undertaken since the launch of CLS Settlement in 2002, with the migration of its service to a new technology platform.
Titled project Convergence, CLS says it represents a significant phase of its multi-year technology investment programme to deliver one of the most sophisticated, resilient, scalable and flexible post-trade technology platforms across global financial market infrastructures (FMIs).
With the implementation of Convergence, CLS has migrated CLS Settlement onto its Unified Services Platform (USP), thereby optimising the underlying technology platform supporting its settlement services. As part of the programme, it says that advanced, proven technologies have been implemented to create a more optimised estate, allow greater control of change delivery for its settlement solutions, and provide a single platform to support CLS Settlement, CLS ClearedFX and CLS Now.
With one of the most sophisticated technology stacks in the FMI space, USP uses the highest level of industry standards, CLS says, adding it will allow for greater flexibility to develop and enhance new and existing services more efficiently. Furthermore, it says the new platform gives CLS complete ownership of application development and change delivery, with in-house specialists managing ongoing platform support as well as design and development of its settlement services. Further benefits include enhanced monitoring and alerting as well as increased levels of automation for the benefit of the CLS ecosystem.
“At CLS we are constantly assessing and evaluating new methods to improve our services for the benefit of our members. Our Convergence program is testament to our commitment to this strategy,” says Tom Barkhuff, chief information officer, CLS. “The priority for us is that new technological solutions meaningfully drive efficiency while also meeting extraordinarily high standards of resilience. Through a multi-year technology investment programme, we have kept this focus and delivered upon our objective of implementing a best-in-class technology stack for the industry, addressing the needs of our members while maintaining the high standards expected of a systemically important FMI.”