Market infrastructure group delivering settlement, processing and data solutions provider CLS has gone live with its new post-trade monitoring and reporting tool, CLSTradeMonitor.A number of asset managers, including Mesirow Financial and Mountain Pacific Advisors, LLC, were the first to deploy CLSTradeMonitor to improve operational efficiency, transparency, and reduce operational risk for third parties currently settling in CLS.
CLSTradeMonitor delivers a real-time consolidated view of the match status details for all trades submitted to CLS. The platform was built in combination with CLSNet, a bilateral payment netting platform built on a distributed ledger technology (DLT) platform, to enable real-time awareness of currency and counterparty exposures, and reduce operational and credit risk.
CLSTradeMonitor empowers asset managers with a system that enables executed FX trades to be efficiently managed across all their custodian banks, with trade status details being made available across all CLSSettlement providers and counterparties.
Alan Marquard, Chief Strategy and Development Officer at CLS, commented:
“We are committed to using our trusted position at the center of the FX market, as well as our technology expertise, to create standardized solutions which solve common problems faced by FX market participants. CLSTradeMonitor will assist the broader market, including banks, corporates, and asset managers as they leverage CLSSettlement and CLSNet.”
Joseph Hoffman, Chief Executive Officer of Mesirow Financial Currency Management, said:
“Mesirow Financial continuously looks for ways to enhance its operational efficiency and minimize risks for our clients, and CLSTradeMonitor meets both of these objectives. CLSTradeMonitor offers a comprehensive view of the status of our currency trades, helping us to more effectively manage settlement risk. Implementing CLSTradeMonitor further strengthens Mesirow Financial’s commitment to reduce risks and costs for our clients.”
In June 2018, CLS made an investment of $5 million in enterprise blockchain startup R3 to explore possibilities using enterprise blockchain solutions to improve efficiencies for its members.
In March, the firm launched a new reporting product for foreign exchange (FX) matched instructions called CLSReporting aligned with new MiFID II reporting requirements. The service addresses customers’ requests for more comprehensive reports on their FX trades.
CLS holds a critical position in the global Fx market and settles over $5 trillion of trade transactions per day. The company has 70 members that include financial institutions and more than 24,000 third-party clients.
