Tokio Marine Companies Access CLS Settlement

CLS says that Tokio Marine & Nichido Life Insurance and Nisshin Fire & Marine Insurance, two of Tokio Marine Holdings group companies, are indirectly accessing CLS Settlement as third-party participants.

Since Tokio Marine & Nichido Fire Insurance joined CLS Settlement last year, CLS says the three group companies’ settlement processes are now aligned. It adds that while several insurance companies in Japan have independently adopted CLS Settlement to mitigate settlement risk, this is the first time that a group of several insurance companies have worked together to adopt the mechanism across the whole group.

CLS says that by aligning all group companies, the benefits of CLS Settlement can be maximised, resulting in enhanced management efficiency and cost reduction across the entire group. Users doing so in conjunction with an FX trading platform and matching and confirmation service, can also benefit from streamlined data processing from execution through to settlement, which eliminates time-consuming manual processes.

“As FX global transactions and investments expand every year, we remain dedicated to making the FX community safer and more cost effective for our clients,” says Akira Kato, head of client engagement Asia Pacific at CLS. “We welcome the growing buy-side participation in CLS Settlement.”