BankingBusiness

FAB: Signs testing and trialling agreement with CLS for CLSNet

  • FAB signed a testing and trialing agreement with CLS for its confirmation, matching and netting service ‘CLSNet’
  • FAB marked another regional first through this agreement able to automate and standardise the netting calculation
  • Netting offsets receivables against payments due and therefore reduces net payments
  • In the FX Global Code, netting is recommended to manage counterparty risk and reduce settlement risk
  • This agreement with CLS highlights FAB’s importance as a leader in the global FX market
  • Being the first mover in the Middle East showcases FAB’s commitment to embracing innovation, particularly as a specialist in emerging markets
Previous article
Color: Raises $167M in Series D Financing
Next article
Conotoxia: Launched MT4 platform
Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

You May Also Like

FinTech

IG Group Considers Switching Listing from London to New York

The financial services firm explores a potential move to enhance visibility.Highlights: IG Group is weighing a move from...
FinTech

Huawei and Yowpay Launch Open Banking Smartwatch POS App

Innovative app combines open banking with smartwatch technology for payments.Highlights: Huawei partners with Yowpay to introduce a smartwatch...
FinTech

UK Banks Reject Opportunity to Lift £100 Contactless Limit

Major UK banks choose not to increase contactless payment thresholds.Highlights: UK banks will not raise the £100 contactless...
FinTech

Crypto.com Cuts 12% of Workforce Amid AI Shift

The company streamlines operations in response to evolving market dynamics.Highlights: Crypto.com reduces workforce by 12%Focus shifts to AI...