Hungarian Forint CLS (Continuous Linked Settlement System) Nostro Agent Function
CLS plays a fundamental role in the foreign exchange (FX) market – it operates the largest multicurrency cash settlement system in order to mitigate settlement risk for the FX transactions of its Members and their customers. CLS mitigates settlement risk through the provision of its unique Payment versus Payment settlement service, which has direct links to the Real Time Gross Settlement (RTGS) systems of the currencies it settles. CLS maintains accounts with each of the central banks whose currencies settle in CLS. Funds are paid and received through these accounts.
On 15th of July 2001 UniCredit AG has become shareholder in CLS. In 2008 UniCredit SpA took over the role of CLS Settlement Member for the entire UC Group.
The Central Bank of Hungary (CBH) / CLS Group introduced the HUF in CLS settlement system for FX deals on 16th of November 2015.
UniCredit Bank Hungary Zrt. was among the first Banks in Hungary to introduce the HUF CLS settlement as a Nostro Agent though its mother Bank UniCredit SpA as Settlement Member.