Asset management adoption of the post-trade monitoring and reporting platform from FX settlement specialist CLS has surged following an integration with State Street.
CLS said its CLSTradeMonitor post-trade monitoring and reporting platform was linked to State Street’s centralised post-trade dashboard, TradeNeXus, to give asset managers an integrated view of their CLSSettlement information across their accounts with different custodians.
Both added that efforts to collaborate with major FX service providers to increase the adoption of global standards and improve post-trade efficiency resulted in the increase of asset managers using CLSTradeMonitor through TradeNeXus.
“Since its integration into TradeNeXus’s dashboard, we have seen a solid increase in the adoption of CLSTradeMonitor by asset managers globally,” said Lisa Danino-Lewis, global head of sales at CLS.
“The growth is testament to both the breadth of TradeNeXus’s reach within this key community and the buy-side’s desire to efficiently manage all their FX post-trade workflow within one platform.”
CLS has formed several partnerships in the last year to expand its post-trade client base, teaming up with Finastra in November to offer its netting calculation platform to its clients. The partnership aimed to address the increased demand from buy-side firms for a centralised post-trade management infrastructure.
“Our collaboration with CLS provides asset managers with enhanced functionality to deliver operational efficiencies to our clients and minimise settlement risk, and these benefits have driven the increase in global adoption witnessed since the launch of this initiative,” said Louisa Kwok, global head of TradeNeXus product, State Street.
The TRADE’s sister publication Global Custodian and CLS, along with a panel of investment management and custody experts, will delve into current FX settlement risk mitigation practices and how buy-side firms can gain efficiency and benefit from best execution practices through automation and standardisation on 24 June.