Sumitomo Electric Industries Joins CLS As Third-Party
Sumitomo Electric Industries (SEI) is the first Japanese manufacturing company to access CLSSettlement as a third-party participant.
The company is settling its FX transactions in CLSSettlement via its third-party service provider, Sumitomo Mitsui Banking Corporation (SMBC), supported by Bloomberg’s FX Confirmation Matching Service (CMS) post-trade processing technology.
Since 2018, the overall number of Asia Pacific third parties (regional/third-party banks, funds, corporates and non-bank financial institutions) participating in CLSSettlement has increased by 15%. In that same time period, the average daily gross values settled by third-party corporates in the region also increased by over 75%.