By sums on Friday,
FirstRand joins CLS as new settlement member.
CLS Group (CLS), it’s a leading provider of risk management and operational services for the global foreign exchange (FX) and , FirstRand is one of the largest financial institutions in South Africa , FirstRand joined as CLS settlement member.
FirstRand joins CLS as new settlement member that FirstRand it was founded in 1998 and it is one of the largest financial institutions in sub-Saharan Africa and in South Africa in general. It plays an important role in trade in many currencies including the South African rand, which has been a coin-CLS eligible for more than ten years. The addition of FirstRand increases the total number of CLS settlement members 64 and is integrated into the CLS strategy to expand participation levels in all regions of the world. About FirstRand joins CLS as new settlement member Andries du Toit, FirstRand Group Treasurer, says: “The CLS settlement member union as a big boost to our customers who are active in the global currency market is the South African rand currency settlement risk and mitigating Africa’s busiest. It is a key priority for many institutions. Participation in the ecosystem CLS enable us to achieve this goal and help strengthen the position of FirstRand and financial services group of choice in South Africa. ”
Clearing members are direct participants in the CLS system and send payment instructions related to their own foreign exchange transactions, as well as those of their customers (known as indirect participants or third parties). Today, members of CLS settlement payment instructions on behalf of more than 18,000 institutions worldwide, including banks, funds, non-bank financial institutions and multinational corporations undergo.
“I am very pleased to welcome FirstRand as the CLS settlement member,” about FirstRand joins CLS as new settlement member also added David Puth, CEO of CLS. “This reinforces our presence in Africa and serves to confirm the critical role CLS plays in optimizing the efficiency of risk management, operational and liquidity for the global FX market. Participation in CLS continues to grow and we expect new members Welcome as we evolve more. ”