BNY Mellon and ING Join CLSNet to Enhance FX Market Efficiency and Risk Reduction

BNY Mellon, the world’s largest custodian bank, and ING, the largest Dutch bank, have joined CLS’s CLSNet service, whose user base now includes eight of the top 10 global banks. The service aims to reduce settlement risk and improve operational efficiency, particularly in the FX market where risk mitigation is increasingly critical, especially in emerging market currencies and other expanding market segments.

CLSNet has seen significant growth this year, indicating strong industry support for the service. It has consistently recorded high average daily notional values of net calculations, surpassing USD 115 billion over the past 12 months, reaching a record daily notional value of USD 445 billion netted on 20 December 2023.