Banco Monex has become the first Latin American third-party service provider of CLS’s payment-versus-payment (PvP) FX settlement service, CLSSettlement.

Banco Monex has been a CLSSettlement member since 2018 and now is enabling its clients to participate as third parties, helping them to mitigate settlement risk while significantly enhancing liquidity efficiencies for the Mexican market.

“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,” said Héctor Lagos, CEO, Banco Monex. “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.”