Market experts from Nasdaq, LSEG, CLS and ION delve into the regulation to keep an eye on, the increasing relevance of digital assets as they increasingly converge with traditional finance, and the emerging post-trade trends expected to continue into 2026.
The move also makes the firm, which is the fifth largest bank in the US, the service’s seventy-sixth settlement member.
The Hungarian bank is the second settlement member to join the firm this year, following the re-addition of ABN AMRO in June.
The new redesign is expected to provide a consolidated settlement model to enhance risk mitigation, operational efficiency and liquidity; LCH ForexClear is the first CCP to go live on the platform.
Use of the service will enable participants to benefit from multilateral netting against all FX transactions.
The multi-currency settlement system has seen no decrease in values or volumes suggesting no shift to bilateral settlement, though some trends are emerging with regards to submissions to CLS.
The drama around cut-offs at CLS and custodians prior to the T+1 implementation had many believing the FX market would alter drastically, but so far, it’s business as usual over the first three weeks of the shortened settlement cycle as the first big public holiday – and major test – approaches.
The service mitigates settlement risk for CCS transactions, while also providing multilateral netting against all other FX transactions.
Members of the multi-currency settlement system claim that development to accommodate a move in the initial pay-in schedule could take “considerable time to implement”, therefore CLS will not shift its cut-off but will analyse T+1 impact in June and September following cycle shortening.
The platform has experienced record growth this year, with the average daily notional value of net calculations consistently exceeding $115 billion in the last 12 months.