Union Bank of Taiwan to use Citibank CLS settlement service

Small and mid-tier banks begin to reduce FX settlement risk by using CLS Bank members'' third-party services

The Union Bank of Taiwan has signed up to Citibank's continuous linked settlement CLS service, which enables it to submit and settle foreign exchange transactions through the CLS Bank. Continuous Linked Settlement CLS is a real-time global settlement process that reduces settlement risk caused by foreign exchange FX transactions occurring across different time zones.

The CLS Bank went live in September 2002, enabling member banks put details of their foreign currency trades directly into a CLS system. CLS...

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