Forint could join CLS currency settlement system

Competition

THe Hungarian forint could be the first currency in the CEE to join the CLS settlement system in the next few weeks, the company told international news service Reuters on Thursday.

According to Reuters, the National Bank of Hungary is planning by November 16 to join the system, which “covers 17 currencies and almost all of global wholesale foreign exchange trading”. Citing “sources with knowledge on the project”, Reuters reported that the introduction could happen “in weeks”.

“CLS has moved into the implementation phase of onboarding the Hungarian forint,” the company said in a statement. “The go-live is targeted for fourth-quarter 2015, subject to the satisfaction of CLSʼs eligibility criteria and internal governance requirements and securing the necessary regulatory approvals.”

Specialist U.S. financial institution CLS provides settlement services to its members in the foreign exchange market (FX). “CLS is the largest multi-currency cash settlement system, eliminating settlement risk for over half of the worldʼs FX payment instructions,” the company says on its website. “CLS enhances financial stability by providing risk mitigation and operational services for the global FX market,” the website adds.

ADVERTISEMENT

Takarékbank lowers 2021 GDP growth forecast to 6.9% Analysis

Takarékbank lowers 2021 GDP growth forecast to 6.9%

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New partner announced at act Bán & Karika Attorneys at Law Appointments

New partner announced at act Bán & Karika Attorneys at Law

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.