Wells Fargo joins CLS

CLS Group (CLS), a provider of risk management and operational services for the global foreign exchange market, says that Wells Fargo has joined as a settlement member.

The bank joins 64 other settlement member banks in becoming a direct participant in a settlement and risk mitigation system which settles approximately USD$ trillion a day on behalf of its clients.

CLS says Wells Fargo will benefit from significant liquidity, operational and IT efficiencies to support its currency trading operations and enhance their longstanding focus on serving customers.