UBS signs up 30th CLS third-party mandate
Unipol Banca SpA is the 30th CLS third-party client of UBS. By joining this partnership, Unipol Banca will be able to execute and settle its cross-border foreign exchange transactions through the CLS global settlement system.
In the current commoditized environment of rising fixed costs and shrinking margins, CLS delivers a reduction in the marginal cost of doing business. UBS estimates cost savings to be roughly $10 per ticket, when taking into account the economic value of settlement risk reduction, the reduced number of payments and the virtual elimination of error financing costs. For most financial institutions, this represents a significant cost advantage and strengthens the case for CLS participation. UBS has so far received 11 live third-party CLS mandates, including:
Ehinger & Armand von Ernst, Zurich
DekaBank Deutsche Girozentrale, Frankfurt
Pictet & Cie, Geneva
Joh. Berenberg, Gossler & Co KG, Hamburg
PKB Privatbank AG, Lugano
Banque Safra - Luxembourg SA, Luxembourg
Landesbank Rheinland-Pfalz Girozentrale, Mainz
Hauck & Aufhäuser Privatbanquiers KGaA, Frankfurt
Morval & Cie SA Banque, Geneva
Banca del Ceresio, Lugano
Andrea Marchi, Head International Division of Unipol Banca SpA said: "For us it's very important to reduce operational and credit risks. The specific features of CLS allow us to achieve these purposes. In addition we can reduce our payment costs by netting off our daily currency positions instead of executing a payment for each single deal. For a middle-size bank like us, CLS third-party membership allows us to participate in the latest settlement risk reduction technology and helps us to develop the services of our bank."
Bank Pictet & Cie, one of UBS's first CLS third-party clients, commented: "Our overall impression has been excellent. A particular benefit has been the productive interaction between UBS and Pictet & Cie in defining our internal procedures and negotiating the Service Level Agreement. Prior to the project start we agreed on an implementation schedule and all milestones were completed on time."
CLS third-party services are a part of the "UBS. The Bank for Banks" programme, which offers banks and financial Institutions a wide range of modular services. The aim is to help partner institutions to concentrate on their core competencies and deploy their resources more effectively by taking advantage of UBS's operational platform. www.ubs.com/b4b
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Zurich / Basel, 9 September 2003
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