CLS, a financial market infrastructure group delivering settlement, processing and data solutions across the global FX ecosystem, announced today that BNY, (NYSE: BK) a global financial services company, has gone live on CLSNet, its automated bilateral payment netting calculation service.
CLSNet standardizes and automates post-trade matching and netting processes for over 120 currencies. BNY will leverage CLSNet to support risk mitigation, liquidity optimization and operational efficiencies for currency flows outside of CLSSettlement, including emerging market and developing economy (EMDE) currencies and same-day trades.
CLSNet saw a significant rise in adoption in 2025, recording an average daily netted value1 of USD177 billion over the past 12 months, up 9% year-on-year. The CLSNet community now includes the top 12 global banks and is available to regional banks, funds, corporates and non-bank financial institutions.
As settlement risk in FX markets remains high on policymakers’ agendas, particularly as volume increases in EMDE currencies, demand continues to grow among FX market participants for efficient ways to mitigate risk through automated post-trade services such as CLSNet. The service reduces payments exposed to settlement risk by centralizing, standardizing and automating the netting calculation process, and consequently helps participants align with the best practices outlined in Principle 35 of the FX Global Code.2
Lisa Danino-Lewis, Chief Growth Officer, CLS, commented: “BNY, a key participant in the FX market and a significant global custodian, is a welcome addition to our network and marks another significant step in strengthening post-trade standards across the FX market. As adoption of our service continues to grow, the value of the network increases, enhancing operational resilience and efficiency across the FX industry.”
Jason Vitale, Global Head of Execution Services, BNY added: “Going live on CLSNet represents an important advancement in how we optimize and safeguard our FX operations against settlement risk, while strengthening the CLS ecosystem and network effect of the service. This step reflects our commitment to helping our clients access markets more efficiently.”
- Netted value refers to bilateral net payment amounts calculated by CLSNet
- Principle 35 states, inter alia:
- Where practicable, Market Participants should eliminate Settlement Risk, for example by using settlement services that provide PvP settlement.
- Where Settlement Risk cannot be eliminated, Market Participants should reduce the size and duration of their Settlement Risk as much as practicable. The netting of FX settlement obligations (in particular the use of automated netting systems) is encouraged.
