Rachael Hoey, CLS Group
CLS Group, a provider of risk mitigation and operational services for the foreign exchange market, has announced that Nippon Life Insurance Company, the first Japanese non-bank financial institution (NBFI) to join the CLS system via third-party access, is now settling FX transactions in CLS via its settlement bank.
Rachael Hoey, Head of Asia at CLS, comments: "Adoption of PvP settlement by non-bank financial institutions is a crucial part of CLS's strategy, aimed at ensuring risk is mitigated across the diverse FX market segments. Participation ensures more consistent and robust risk management standards for all market participants, important in supporting cross border investment and trading growth in the Japanese currency market.
"The addition of Nippon Life demonstrates the rising demand from the non-bank community to access CLS's risk mitigation services."