South Africa's FirstRand Becomes Settlement Member of CLS Groupby
FirstRand Ltd., Africa’s biggest bank by market value, became a settlement member of CLS Group Holdings AG as the world’s largest provider of multicurrency cash settlement services expands its presence on the continent.
CLS now has 64 direct participants that submit payment instructions for their own foreign-exchange transactions or on behalf of more than 18,000 institutions such as banks, funds or global corporates, the companies said in an e-mailed statement on Thursday.
CLS settles more than $5 trillion of currency transactions every day. It was established in 2002 to eliminate the risk that a party to a currency trade would fail to deliver an asset after the transaction had been executed.