CLS Goes Live with CLSTradeMonitor

The platform, dubbed CLSTradeMonitor, was built in combination with CLSNet, a new bilateral payments netting solution. The two solutions enable real-time awareness of currency and counterparty exposures and provide trade status details across CLSSettlement providers and counterparties.  

“This provides a tremendous value for third parties as they look to manage the post-trade process for their FX trades, understanding if there is an issue with the trade getting matched, or the trade settling. It provides some operational efficiencies or operational risk mitigation, and ultimately, some cost savings for them,” says Adam Levine, head of product management at CLS. 

Third parties no longer have to rely on settlement members to get information on a trade status, which was particularly challenging for asset managers who manage hundreds of different trades a day across custodians, says Levine.

“For an asset manager, for example, who has hundreds of trades a day, or more, with separate logins or disparate reports, it’s not only frustrating, but can just be really inefficient,” he says, adding that CLSTradeMonitor “gives asset managers a comprehensive view into the status of all of the trades [asset managers] are managing across any third-party provider, across multiple custodians.”

The service was developed in 2017. Currently, Mesirow Financial Currency Management and Mountain Pacific Advisors, LLC are live on the platform. Levine says several other firms are in the process of going live.