Three French banks go live on CLS鈥檚 CCS service
01 April 2026 UK
Image: KHF/stock.adobe.com
BNP Paribas, Cr茅dit Agricole CIB, and Natixis CIB, have gone live on Continuous Linked Settlement鈥檚 (CLS鈥檚) Cross Currency Swaps (CCS) service.
According to CLS, the CCS service can be used in conjunction with the post-trade processing platform OSTTRA MarkitWire to integrate CCS flows into CLSSettlement, allowing participants to benefit from multilateral netting against all FX transactions, optimising liquidity and reducing daily funding requirements.
Lisa Danino-Lewis, chief growth officer at CLS, states: 鈥淏NP Paribas, Cr茅dit Agricole CIB, and Natixis CIB will all benefit from the efficiencies and risk reduction that CLS鈥檚 services provide.
鈥淲ith increased market volatility driven by geopolitical uncertainty, the past year has highlighted the importance of sound risk mitigation and operational resilience for market participants.鈥�
Underscoring the service鈥檚 benefits, CLS鈥檚 CCS solution has experienced significant growth, with the average daily settled value of CCS flows submitted to CLSSettlement up 87 per cent in 2025.
The growth in cross-currency swap flows to CLSSettlement bolsters the efforts of policymakers and regulators to promote the widespread adoption of payment-versus-payment (PvP) as a means of reducing settlement risk.
Bruno D鈥橧lliers, head of CIB ITO Platforms at BNP Paribas, says: 鈥淛oining CLS鈥檚 Cross Currency Swaps service marks an important step in adopting best practices in our FX post-trade processes.
鈥淭he ability to bilaterally net and settle CCS transactions via CLSSettlement supports our broader efforts to increase operational efficiency, reduce risk, and optimise liquidity across our FX activity.鈥�
Julien Serror, global head of cross currency swaps and CEE, at Cr茅dit Agricole CIB, adds: 鈥淢itigating settlement risk continues to be a primary focus for institutions such as Cr茅dit Agricole CIB.
鈥淐ross currency swaps in particular have a high settlement risk exposure, so we鈥檙e pleased to find a solution through CLS鈥檚 service.
鈥淢aking the move to multilateral netting will open up liquidity across our FX activity and support our operational efficiency 鈥� benefits our clients will be delighted with.鈥�
Olivier Lamy, Macro Markets 鈥� head of strategic projects at Natixis CIB, also comments: 鈥淭he CCS service is an innovative solution to the problems facing firms everywhere, and its unique PvP settlement system and netting capabilities will enhance and improve our FX operations.
鈥淲e believe the settlement risk, liquidity, and funding benefits that CLS鈥檚 CCS service will provide will be hugely beneficial for our business.鈥�
According to CLS, the CCS service can be used in conjunction with the post-trade processing platform OSTTRA MarkitWire to integrate CCS flows into CLSSettlement, allowing participants to benefit from multilateral netting against all FX transactions, optimising liquidity and reducing daily funding requirements.
Lisa Danino-Lewis, chief growth officer at CLS, states: 鈥淏NP Paribas, Cr茅dit Agricole CIB, and Natixis CIB will all benefit from the efficiencies and risk reduction that CLS鈥檚 services provide.
鈥淲ith increased market volatility driven by geopolitical uncertainty, the past year has highlighted the importance of sound risk mitigation and operational resilience for market participants.鈥�
Underscoring the service鈥檚 benefits, CLS鈥檚 CCS solution has experienced significant growth, with the average daily settled value of CCS flows submitted to CLSSettlement up 87 per cent in 2025.
The growth in cross-currency swap flows to CLSSettlement bolsters the efforts of policymakers and regulators to promote the widespread adoption of payment-versus-payment (PvP) as a means of reducing settlement risk.
Bruno D鈥橧lliers, head of CIB ITO Platforms at BNP Paribas, says: 鈥淛oining CLS鈥檚 Cross Currency Swaps service marks an important step in adopting best practices in our FX post-trade processes.
鈥淭he ability to bilaterally net and settle CCS transactions via CLSSettlement supports our broader efforts to increase operational efficiency, reduce risk, and optimise liquidity across our FX activity.鈥�
Julien Serror, global head of cross currency swaps and CEE, at Cr茅dit Agricole CIB, adds: 鈥淢itigating settlement risk continues to be a primary focus for institutions such as Cr茅dit Agricole CIB.
鈥淐ross currency swaps in particular have a high settlement risk exposure, so we鈥檙e pleased to find a solution through CLS鈥檚 service.
鈥淢aking the move to multilateral netting will open up liquidity across our FX activity and support our operational efficiency 鈥� benefits our clients will be delighted with.鈥�
Olivier Lamy, Macro Markets 鈥� head of strategic projects at Natixis CIB, also comments: 鈥淭he CCS service is an innovative solution to the problems facing firms everywhere, and its unique PvP settlement system and netting capabilities will enhance and improve our FX operations.
鈥淲e believe the settlement risk, liquidity, and funding benefits that CLS鈥檚 CCS service will provide will be hugely beneficial for our business.鈥�
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