Update On CLS And Covid-19
We at CLS have a responsibility to our employees, the global financial markets we serve and the communities in which we work and live. This responsibility forms the foundation of our approach to the rapidly developing Covid-19 situation.
During March, average daily volumes in #CLSSettlement were over 50% more than during the same period in 2019. Notwithstanding these extraordinary circumstances, we processed this increased level of volumes seamlessly. https://t.co/YmOV7gdpta#fx pic.twitter.com/YCEwPQEpZF
— CLS (@CLSGroup) April 1, 2020
Commensurate with our role as a systemically important financial market infrastructure we have taken decisive, pre-emptive measures to safeguard the wellbeing of our people and ensure continued operation of all CLS services. The measures include the closure of our offices to all but a small number of essential employees focused on maintaining the operation of our services. A comprehensive remote working program is in place for all other employees across our global locations.
The wide-scale volatility across global financial markets has led to a substantial increase in the volumes of payment instructions submitted to CLSSettlement – our payment-versus-payment settlement service. During March 2020, average daily volumes in CLSSettlement have been over 50% more than during the same period in 2019. Despite this increased level of activity, we continue to settle on time and with no issues or delays. While the volume increase has been significant, it is still well within our performance and capacity capabilities.
I want to reassure you that we take our trusted position at the center of the FX market seriously and we remain dedicated – as always – to ensuring our critical services run resiliently and reliably to reduce systemic risk and improve efficiency for our clients and the broader FX market during these challenging times.
We will continue to provide further updates as the situation evolves.
To all our stakeholders please stay safe.
Marc Bayle de Jessé
The firm will donate net commissions from trading today in memory of Peg Broadbent.
There were notable increases in Latin American and Chinese yen clearing.
Slowdown in economic activity provides a window to accelerate workforce transformation and upskill staff.
Funds will go to charities working to support vulnerable people impacted by COVID-19.
Physical attendance at the AGM will not be possible due to Covid-19.