CLS Adds China CITIC Bank International to Settlement Service

CLS, a market infrastructure group delivering settlement, processing and data solutions, has named China CITIC Bank International (CNCBI) as the first Chinese bank to access CLSSettlement as a third-party client. Bai Lijun, executive director, alternate CEO and treasurer, CNCBI, comments: “By becoming a participant in CLSSettlement, CNCBI aims to mitigate settlement risk, reduce operational costs related to FX trading, and create opportunities for business expansion by enabling CNCBI to do more business with a larger number of counterparties.” CLS says expanding third-party participation in CLSSettlement is part of its growth strategy in Asia Pacific.