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Third-Party Participation in CLS: Capturing the Benefits Without Incurring the Costs

Published by: TowerGroup

Published: Jun. 10, 2004 - 8 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Background




Overall Impact on Third-Party Participants

Exhibit 1: Third-Party Participants Reasons for Deciding to Participate in CLS Settlement (2004)

Exhibit 2: Third-Party Participants Technology Spending to Implement CLS, External vs. Internal (2004)

Exhibit 3: Third-Party Participants Estimated Percentage of Daily FX Value Settled Through CLS (2004)




Ancillary Impacts on Treasury, Credit, and FX Operational Metrics

Exhibit 4: Changes to Third-Party Participants Global Treasury Operations Since Implementation of CLS (2004)

Exhibit 5: Third-Party Participants Trade Failure Rates Before and After CLS Implementation (2004)

Exhibit 6: Third-Party Participants Costs to Settle FX Trades Before and After CLS Implementation (2004)

Exhibit 7: Impact of CLS on Third-Party Participants Credit Approval Processes for CLS Counterparties (2004)




Summary

Abstract

In early 2004, on behalf of the CLS Group, TowerGroup conducted a survey of the Third-Party Participants in the CLS system. (Third-Party Participants in the CLS system are institutions that clear and settle foreign exchange payments via the system indirectly, through correspondent banking services provided by CLS Settlement Member institutions with direct interfaces to the CLS system.)

The purpose of this survey was to gain insight into the value and benefits of the CLS system as perceived by its Third-Party Participants in a variety of areas, including service pricing, system operations, client communications, customer support, and potential new system features and capabilities. Thirty-six of the more than 130 Third-Party Participants in the CLS system responded to the survey. The information in this TowerGroup Research Note is based on data collected in that primary market research effort.

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