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CDS Innovations Inc. (CDSI), an operating subsidiary of The Canadian Depository for Securities Limited (CDS), a wholly-owned subsidiary of TMX Group, today announced the launch of CDS Currency Service, a web-based solution that will enable participants to convert entitlement funds to Canadian or U.S. dollars.
Today's interconnected, borderless marketplace presents complex and costly challenges for market participants. Canadians invest in markets around the world and Canadian securities continue to attract global investment. The new CDS Currency Service, designed by CDSI, will leverage TMX's existing cash transaction infrastructure and capabilities to provide participants with access to cost-efficient, seamless foreign exchange services.
"We are pleased to announce the expansion of the CDS Innovations product portfolio to include access to foreign exchange capabilities," said Jean Desgagné, President and Chief Executive Officer of CDS. "We expect the new CDS Currency Service to help our customers reduce existing currency challenges and enable them to offer more choice to their clients."
Participants stand to benefit from the economies of scale obtained by CDS. As a subscriber to the service, CDS participants can receive funds in a currency that is ready to be immediately credited to client accounts, making conversions easier to manage and providing better access to alternative rates.
For more information about CDS Currency Service, please visit our site: http://www.cds.ca/cds-products/cds-innovations/cds-currency-service
