CLS Launches FX Reporting System
CLS plans to fully integrate CLSReporting, a new FX matched instruction service, in Q2 of 2018.
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The service will enable CLS parties and counterparties to share additional information regarding their FX trade settlement instructions submitted via SWIFT FIN and ISO20022 XML messages. FX trade information will be collected from CLSSettlement and CLSSameday, creating a single report after end-of-day processing.
The company says it developed CLSReporting in the middle of 2017 to meet customer demands arising from Mifid II compliance obligations. It expects the service to be fully integrated in the second quarter of this year.
Kevin Swann, CLS data program director, says CLSReporting was developed relatively quickly and in response to member requests for additional fields on messages sent within settlement systems.
“We’ve essentially just added or extended trade data fields that we receive through the transaction reporting system in order to accommodate an extra number of fields that these members have asked for,” says Swann.
CLS says FX trade volumes have increased since 2012, with trade transactions currently numbering around 5 million per day. In order to mitigate the risks posed by FX trade activity and the high volumes of data produced by it, the new report provides an enhanced view of overall FX trade activity.
“The core business at CLS is processing and settling and taking settlement risk out of the FX market. We cover around 55% by volume of that market,” says Swann.
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