THETRADETECH DAILY news
THE OFFICIAL NEWSPAPER OF TRADETECH 2026
FOREIGN EXCHANGE
BNP Paribas, Crédit Agricole CIB and Natixis CIB go live on CLS’ cross currency swaps service
MOVE IS SET TO ENABLE MULTILATERAL NETTING ACROSS FX TRANSACTIONS, AND MARKS AN EXPANSION OF CLS’ PVP SETTLEMENT OFFERING.
BNP Paribas, Crédit Agricole CIB and Natixis CIB have gone live on CLS’ cross currency swaps( CCS) service, marking further buy-side and sell-side adoption of the infrastructure provider’ s PvP settlement offering.
The move sees the three French banks integrate CCS flows into CLSSettlement via OSTTRA MarkitWire, enabling multilateral netting across FX transactions and improving liquidity efficiency.
Lisa Danino-Lewis, chief growth officer at CLS, said:“ BNP Paribas, Crédit Agricole CIB and Natixis CIB will all benefit from the efficiencies and risk reduction that CLS’ s services provide.
“ With increased market volatility driven by geopolitical uncertainty, the past year has highlighted the importance of sound risk mitigation and operational resilience for market participants.”
The onboarding comes amid strong growth in the service, and the expansion also supports ongoing regulatory and industry efforts to drive broader adoption of PvP settlement, including alignment with principle 35 of the FX Global Code.
Specifically, the section of the code states that market participants should aim to settle FX transactions using methods that eliminate potential settlement risk.
Olivier Lamy, macro markets, head of strategic projects at Natixis CIB, added:“ The CCS service is an innovative solution to the problems facing firms everywhere, and its unique PvP settlement system and netting capabilities will enhance and improve our FX operations.
“ We believe the settlement risk, liquidity, and funding benefits that CLS’ s CCS service will provide will be hugely beneficial for our business.”
Olivier Lamy
www. thetradenews. com 13