DIC Corporation has become the third Japanese construction company to indirectly access CLSSettlement as a third party participant. The company will access CLSSettlement through its third party service provider, MUFG Bank.
Using CLSSettlement in conjunction with an FX trading platform and confirmation matching service, DIC will benefit from improved data processing from trade execution to settlement, eliminating time-consuming manual processes. CLSSettlement also provides operational efficiency and settlement risk mitigation.
DIC’s participation highlights the growing adoption of CLSSettlement by companies in Japan and also demonstrates a commitment to improving the overall efficiency and security of the foreign exchange market in the Asia-Pacific region.
Lisa Danino-Lewis, Chief Growth Officer, CLS, commented:
“Using CLSSettlement, DIC and other large multinationals can improve their risk management, foreign exchange, cash management and settlement processes. This latest development is seen as a progressive approach for manufacturing and service companies as it enables them to effectively manage their treasury operations and align with market best practices.”
CLSSettlement also supports FX market participants’ compliance with Principle 35 of the Global FX Code.