The Full FX Unfiltered – with CLS
Posted by Colin Lambert. Last updated: April 30, 2024
With less than a month to go before the big changeover in North American securities markets to T+1 settlement, Lisa Danino-Lewis, chief growth officer at CLS, joins Colin Lambert to discuss CLS’s analysis of, and response to, the switch.
CLS conducted an in-depth survey of its Settlement Members, and Danino-Lewis explains the findings of that consultation, highlighting the complexity facing various Members if a change was enacted; as well as CLS’s plans for post-May. She also talks about what was behind the decision not to change the process at this time.
Other settlement avenues for the FX market are also explored, namely CLS Net, which Danino-Lewis says is experiencing strong traction, as well as Settlement Members being able to submit before the final cut-off, the day of settlement.
Lambert asks if the UK and EU switch to T+1 is a looming issue and also about CLS’s over-arching message to the industry ahead of, and after, the North American switchover. There is also time for a quick chat about the broader issue of the world’s authorities pushing for more PvP FX settlement; specifically, Lambert wants to know, ‘is the momentum for this being maintained’?
