Bank of America has gone live on CLS’s cross-currency swaps (CCS) service as FX market turnover grows.
According to the Bank of International Settlements, daily turnover in FX markets was up 28% between 2022 and April 2025, reaching US$9.6 trillion. Risk exposure is rising in tandem, CLS states.
Carlos Fernandez-Aller, co-head of global FICC macro at Bank of America, confirmed, “In an environment of heightened market volatility and increasing intraday liquidity demands, reducing unsecured settlement risk is a priority.”
Part of CLSSettlement, the CCS service aims to remove the risk of counterparty failure by settling payment instructions on a payment-versus-payment basis. This ensures that both sides of the swap settle simultaneously.
CCS flows can be integrated into CLSSettlement through the MarkitWire post-trade processing platform.
Banks have been adopting the service at pace. BNP Paribas, Crédit Agricole CIB and Natixis CIB joined the platform in March, while Philippines-based RCBC and OTP Bank were onboarded in the second half of 2025.
Average daily volumes on the CCS service increased by 87% year-on-year in 2025, CLS says.
“The continued expansion of our CCS service, alongside Bank of America’s go-live, demonstrates meaningful progress in reducing risk across the FX market,” stated Lisa Danino-Lewis, CLS chief growth officer.
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