WestLB to adopt Citigroup FX settlement service
Germany's WestLB has subscribed to Citigroup’s e-business CLS (continuous-linked settlement) settlement services for foreign exchange settlement. The deal will allow WestLB to offer CLS settlement services to its German savings bank and Landesbank clients.
Previously, there was no dedicated mechanism available that allowed financial institutions to use Citigroup's infrastructure to settle their foreign exchange transactions on a payment versus payment basis. Citigroup is the largest trader in the global foreign exchange business, and is one of the founding members of CLS.
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