CLS: Welcomes first Philippine third-party bank to CLSSettlement
- CLS announced that Metrobank is the first Philippine bank to access CLSSettlement as a third-party participant
- UBS, a CLSSettlement member, will also provide access to Metrobank
- The addition of Metrobank, one of the largest banks in the Philippines, is testament to the significant increase in third-party participation
- With the growth of FX trading in many Asian currencies, the issue of settlement risk has become an increasing concern
- Wider participation in the service will also help to build a more robust global FX market
- In times of increasing intraday funding and also liquidity cost, CLS brings considerable reduction of liquidity consumption
