CLS Group, the largest currency settlement system, said on Tuesday it will not change its cut-off time for payment instructions for foreign exchange trades, ...
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/NEW YORK - CLS Group, the largest currency settlement system , said on Tuesday it will not change its cut-off time for payment instructions for foreign exchange trades, dealing a blow to foreign asset managers hoping for some reprieve from a new U.S. rule putting them at risk of transaction failure.
With more than 40% of CLS's settlement members reporting they would need up to a year to make the necessary technology and operational changes, New York-based CLS said it cannot accommodate a delay at this time. CLS' members who cannot accommodate the change represent approximately 50% of the $6.5 trillion in average daily value of transactions that CLS settles.
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CLS Group Settlement System FX Settlement Operational Changes Currency Trades
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