Banco Monex Joins CLSSettlement as Settlement Member, First Mexican Company to be Part of CLS

CLS SettlementCLS, a market infrastructure group, provider of payment settlement services, processing and data solutions for the Fx market has announced earlier today that Banco Monex has joined as settlement member of CLSSettlement. With this, Banco Monex becomes the first Mexican member of CLSSettlement.

Since its launch in 2002, 69 other leading banks and thousand other third-party service providers have CLSSettlement as members. Currently, through CLSSettlement settles an average $5 trillion worth of trades in the forex market daily. While praising CLSSettlemt, Banco Monex’s CEO Mauricio Naranjo, termed the company’s move as an important milestone. Banco Monex will be largely benefitted from reduces settlement risk, enhanced efficiency and increased liquidity support in its forex trading operations.

For CLSSttlement, the addition of Banco Monex as a settlement member will result in an increase of settlement value. The Mexican Peso is the most actively traded currency in the Latin American region, and Banco Monex’s total trading will result in CLSSettlement’s settlement activities.

David Puth, CEO of CLS said:

David Puth, CEO of CLS
David Puth, CEO of CLS

“I could not be more pleased to welcome Banco Monex as the first Mexican bank to participate directly in our settlement service. Participation in CLSSettlement continues to grow, and our settlement members, such as Banco Monex, play a critical role in ensuring market participants have access to the highest standard of risk mitigation to support their trading operations and enable us to deliver a safer and more stable FX market. We look forward to continued growth in the Mexican market.”

Mauricio Naranjo, CEO of Grupo Financiero Monex commented:

“Joining CLS as a member with direct participation in the CLS settlement service is an important milestone for Banco Monex. The Mexican peso is the most actively traded currency in the Latin American region, and mitigating settlement risk is a key priority for many institutions. Participation within the CLS ecosystem will enable us to achieve this goal for our operations and through time for our clients as third parties, while significantly enhancing liquidity efficiencies for the Mexican market.”