Two Tokio Marine Holdings group companies are indirectly accessing CLS’s CLSSettlement as third-party participants.
CLS is a financial market infrastructure group delivering settlement, processing and data solutions.
Since the two Tokio Marine specialty insurers — Tokio Marine and Nichido Life Insurance, and Nisshin Fire and Marine Insurance — joined CLSSettlement last year, the three group companies’ settlement processes are now aligned.
This is the first time that a group of several insurance companies have worked together to adopt CLSSettlement across the whole group.
This development highlights the continued growth in CLSSettlement adoption, says CLS, by the buy side in Japan and the growing commitment to improving the overall efficiency and safety of the FX market across Asia Pacific.
By aligning all group companies, the benefits of CLSSettlement can be maximised, resulting in enhanced management efficiency and cost reduction across the entire group, according to CLS.
Additionally, by using CLSSettlement in conjunction with an FX trading platform and matching and confirmation service, participants can benefit from streamlined data processing from execution through to settlement, which is designed to eliminate manual processes.
CLSSettlement also delivers streamlined and standardised processes for FX operations, minimising tasks such as settlement value reconciliation, deposit balance adjustments and management of settlement failures.
The sell side in Japan can also benefit from the streamlined FX operations, funding efficiency and settlement risk mitigation that CLSSettlement provides.
Akira Kato, head of client engagement for Asia Pacific at CLS, comments: “We are pleased to welcome the Tokio Marine Holdings group companies as third-party participants to CLSSettlement. As FX global transactions and investments expand every year, we remain dedicated to making the FX community safer and more cost effective for our clients.”
