Two asset managers have signed up to use a new post-trade monitoring and reporting tool offered by foreign exchange settlement provider CLS for FX transactions.
Mesirow Financial and Mountain Pacific Advisors have been onboarded on to the CLSTradeMonitor service, which provides a real-time consolidated view of the match status details for all trades submitted to CLS.
The asset managers can use CLSTradeMonitor to manage all FX transactions that are managed by their custodian banks, for better operational efficiency, transparency and less operational risk, according to CLS.
Chief executive officer at Mesirow Financial Currency Management, Joseph Hoffman, commented that the CLSTradeMonitor service has allowed the firm to manage its settlement risk more effectively.
“Mesirow Financial continuously looks for ways to enhance its operational efficiency and minimise risks for our clients, and CLSTradeMonitor meets both of these objectives,” Hoffman said.
“CLSTradeMonitor offers a comprehensive view of the status of our currency trades, helping us to more effectively manage settlement risk. Implementing CLSTradeMonitor further strengthens Mesirow Financial’s commitment to reduce risks and costs for our clients.”
The new service has been built in combination with CLSNet, the bilateral payment netting platform build using blockchain technology, allowing for trade details to also be available to clients through CLSTradeMonitor.
Alan Marquard, chief strategy and development officer at CLS, added that the tool will assist the broader market, including banks, corporates and asset managers.
“We are committed to using our trusted position at the centre of the FX market, as well as our technology expertise, to create standardised solutions which solve common problems faced by FX market participants.”
CLS recently ventured further into the world of blockchain technology with a $5 million strategic investment in blockchain software consortium R3. The blockchain FinTech firm will work alongside CLS to develop its Corda platform.