Bank of New York Mellon (BNY Mellon) and ING (ING) have joined the ranks of the world's top banks working with financial market infrastructure firm CLS.。The two banking giants have become members of CLSNet, an institution that provides netting calculations for bilateral payments in more than 120 currencies.。

BNY Mellon and ING agree to join CLSNet community

Managed over 41.BNY Mellon, the world's largest custodian bank with $1 trillion in assets, and ING, the largest Dutch bank with more than 951 billion euros in assets, are the latest players to join the growing CLSNet community.。

Lisa Danino-Lewis, Chief Growth Officer, CLS, said: "We are delighted that BNY Mellon and ING are joining CLSNet's growing user community.。With the exception of banks, most market participants have direct access to CLSNet, thus benefiting the forex industry broadly.。"

CLSNet is a centralized platform that standardizes and simplifies post-trade processes, including same-day trading and non-deliverable forward foreign exchange (NDF)。By netting offset payment obligations, the service helps reduce settlement risk and improve operational efficiency for various currency transactions。

Jason Vitale, head of global market trading at Bank of New York Mellon, said joining CLSNet "will allow us to provide our customers with better intraday liquidity and execution efficiency."。

A month ago, CLS had predicted that global financial markets could undergo significant changes because, as a multi-currency settlement system for foreign exchange transactions, CLS was considering postponing settlement orders for currency transactions.。

CLSNet record year

This year, both adoption and usage of the platform hit record highs.。Over the past 12 months, the average daily net calculated nominal value has consistently exceeded $115 billion.。On December 20, CLSNet's daily nominal net hit a record $445 billion.。

Robbert Zee, Head of Financial Markets at ING, said: "CLSNet provides features that enhance and standardize post-trade processes across the global currency range.。ing's participation "will be an integral part of our strategy to further improve operational efficiency and reduce risk。"

By automatically netting on a centralized platform, participants can improve efficiency and reduce the risk of currencies that are not currently settled through the company's settlement system CLSSettlement。