CLS completes major technology change initiative with revamped settlement platform

The project, named Convergence, includes the migration of CLSSettlement onto its Unified Services Platform.

FX market infrastructure CLS has completed a significant replatforming of its post-trade settlement technology infrastructure, a crucial phase of its multi-year technology investment programme.

The project, named Convergence, is the largest technology change initiative that CLS has undertaken since the launch of CLSSettlement in 2002.

Under the implementation of Covergence, CLS has migrated CLSSettlement onto its Unified Services Platform (USP), where it will optimise the revamped technology platform to provide enhanced FX settlement services for custodians, clearing banks and investment firms.

As part of the programme, CLS has implemented advanced technologies to optimise its post-trade solutions, allow more control of change delivery for its settlement solutions, and provide a single platform to support CLSSettlement, CLSClearedFX and CLSNow.

“At CLS we are constantly assessing and evaluating new methods to improve our services for the benefit of our members. Our Convergence programme is testament to our commitment to this strategy,” said Tom Barkhuff, chief information officer at CLS.

“The priority for us is that new technological solutions meaningfully drive efficiency while also meeting extraordinarily high standards of resilience. Through a multi-year technology investment program, we have kept this focus and delivered upon our objective of implementing a best-in-class technology stack for the industry, addressing the needs of our members while maintaining the high standards expected of a systemically important FMI.”

Through the new platform, CLS will gain complete ownership of application development and change delivery, with in-house specialists managing ongoing platform support, as well as design and development of its settlement services. This will bring new benefits including improved monitoring and alerting, as well as increased levels of automation.