Banco Monex - first Latin American provider of third-party access to CLSSettlement

Source: CLS Group 2020-04-23

22 April 2020

Banco Monex is the first bank in Latin America to offer access to CLSSettlement for third-party participants

CLS, a market infrastructure group delivering settlement, processing and data solutions, announced today that Banco Monex has become the first Latin American third-party service provider of CLS’s leading payment-versus-payment (PvP) FX settlement service, CLSSettlement.

Banco Monex has been a CLSSettlement member since 2018, when it became the first Mexican bank to participate directly in CLSSettlement. The bank’s decision to offer third-party access is a strong indicator of potential growth in CLSSettlement in the Latin America region. By enabling its clients to participate as third parties, Banco Monex is helping them to mitigate settlement risk while significantly enhancing liquidity efficiencies for the Mexican market.

Commenting on this decision, Héctor Lagos, CEO, Banco Monex, said: “As a CLSSettlement member for nearly two years, we have benefited from the increased liquidity, reduced settlement risk and greater operational efficiency the service provides. We look forward to facilitating access to CLSSettlement for our clients as third parties and believe this will help to build a more robust FX market in Latin America and globally.”

Alan Marquard, Chief Business Development Officer, CLS, added: “Banco Monex’s decision to enable access to CLSSettlement for third-party participants, including funds, non-bank financial institutions and corporates, is a prime example of how our PvP FX settlement service is a business enabler. In addition to settlement risk mitigation, CLSSettlement provides participants with business growth opportunities through enhanced credit efficiency, an expanded range of counterparties, and increased trading opportunities.”

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CLS Group

Banco Monex - first Latin American provider of third-party access to CLSSettlement

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