Goldman Sachs has become the eighth settlement member to be live on the CLS / IHS Markit cross-currency swaps settlement service.

Using the service, cross-currency swap flows are multilaterally netted against all other FX transactions in CLSSettlement, resulting in a reduction in daily funding requirements for clients and liquidity optimisation benefits across the industry.

Richard Chambers, Global Head of Short Macro Trading at Goldman Sachs said, "Becoming a participant of the cross-currency swap service provided by CLS and IHS Markit helps us to further mitigate settlement risk, and we expect to see further operational and funding efficiency benefits as more counterparties join the service."

Keith Tippell, Head of Product at CLS said, "We are delighted to welcome Goldman Sachs as the latest participant in our cross-currency swaps settlement service. Demand has never been higher from market participants for risk mitigation, liquidity optimisation and post-trade efficiency."

Chris Jackson, Managing Director at IHS Markit said, "As the community of global financial institutions connected by the MarkitSERV network continues to grow, the addition of Goldman Sachs to the cross-currency swaps settlement service demonstrates the industry's ongoing support for such initiatives."