CLS, a financial market infrastructure group delivering settlement, processing and data solutions across the global FX ecosystem, announced that Standard Chartered, an international cross-border bank, has gone live on CLSNet, its automated bilateral payment netting calculation service for over 120 currencies.
CLSNet standardizes and automates post-trade matching and netting processes for risk mitigation, liquidity optimization and operational efficiencies for currency flows outside of CLSSettlement, including emerging market and developing economy (EMDE) currencies and same-day trades.
Adoption has continued to grow significantly, with the service recording an average daily netted value of $169 billion in the first half of 2025, up 18% compared to the same period in 2024. The CLSNet community now includes the top 12 global banks, alongside a growing roster of regional banks, funds, corporates and non-bank financial institutions.
As settlement risk in the FX market remains a focus, particularly in emerging markets and developing economies (EMDE) currencies and other growing segments, market participants are looking for ways to mitigate risk effectively via automated post-trade services such as CLSNet. The service reduces payments exposed to settlement risk by centralizing, standardizing and automating the netting calculation process. Demand for CLSNet continues to grow, particularly among financial institutions seeking to align with the best practices outlined in Principle 35 of the FX Global Code.2
Alongside Standard Chartered, several Asian banks are joining the service. CTBC, the Hong Kong branch of a Taiwanese commercial bank, has gone live on CLSNet, meanwhile Maybank, a Malaysian bank, and Taishin, one of the largest commercial banks in Taiwan, have also committed to joining the CLSNet network to mitigate settlement risk within Asian currencies, particularly USD/CNH.
Lisa Danino-Lewis, chief growth officer at CLS, said in a statement: “We are seeing increased demand for proven solutions to address the challenges facing the FX market. As more participants join CLSNet, the resulting network effect will deliver even greater risk reduction and efficiency benefits for all users.”
Tony Hall, global head of Markets Trading and XVA at Standard Chartered, said in a statement: “This step aligns with our role as a signatory to the Global FX Code and our ambition to be the leading emerging markets FX house. By leveraging CLSNet capabilities, we’ll deliver safer, faster and more efficient post-trade processing — freeing up intraday liquidity and reducing settlement risk for our clients.”