The CLS Bank has teamed with data management firm SSISearch to launch a Settlements Directory for member banks to publish and authenticate their own key static data as well as search data of existing and potential counterparties.
The directory provides a single source of authenticated CLS settlements information, says SSISearch, and "a fast, simple method of publishing and accessing CLS static data".
The system operates in a secure environment and provides detailed contact and settlement information for each CLS enabled branch and their associated third parties. This, together with various alerts and reports, ensures that all counterparties are informed of additions to the system and changes to critical data.
Jerry Gosney, chairman, SSISearch, says: "Access to quality reference data is a recognised obstacle in the drive to STP. Now, for the first time, CLS Settlement Members will publish and authenticate their own key static data."
Users of the system will also have access to the forthcoming SSISearch Global Directory – a central repository of authenticated settlements data for the FX market in general.
Jonathan Butterfield, executive vice president, marketing and communication, CLS Bank, says: "The Settlements Directory for CLS's growing community of users will enhance STP and is supported by our members and the market as a whole."
A total of 54 banks are now settling live instructions for foreign exchange trades through CLS Bank, with over 80 Settlement Member customers (third parties) also live.