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Twenty institutions now access CLS through UBS
Saxo Bank has become the 20th institution to sign up with UBS as an active CLS third-party client. By entering into this partnership, Saxo will be able to execute and settle its cross-border foreign exchange transactions through the CLS global settlement system.
Against a background of rising fixed costs and shrinking margins, CLS helps to reduce costs and settlement risks. To date, 36 banks have chosen UBS as their partner for CLS third-party services. Of these, 20 institutions are now live third-party clients, accounting for one-fifth of the total number of live third-party CLS users worldwide. Since last September, nine new CLS third parties have reached live client status using UBS Third-Party Services, including:
B. Metzler seel. Sohn & Co., Germany
Bank für Kärnten und Steiermark, Austria
Bank von Ernst & Cie, Switzerland
Banque Privée Edmond de Rothschild, Switzerland
Oberbank AG, Austria
Saxo Bank, Denmark
Union Bancaire Privée, Switzerland
Unipol Banca SpA, Italy
Saxo Bank's CFO Robin Patel comments, The uptick in business demands that we identify and engage with the most suitable partner and for us, UBS meets and exceeds our requirements. Their capability as a technology and risk management partner is exceptional. We are privileged to join with UBS. We anticipate significant efficiencies and economies as we move ahead, as well as overall volume expansion."
CLS third-party services are a part of "UBS. The Bank for Banks". This programme offers banks and financial institutions a wide range of modular services enabling them to concentrate on their core competencies and deploy their resources more effectively. At the same time, it enables UBS to make optimum use of its own capacities and expertise in serving its partner institutions. For more information see: www.ubs.com/b4b
Zurich / Basel, 8 January 2003
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