Bank of America Goes Live on CLS’s Cross Currency Swaps Service

▤ Summary

CLS, a financial market infrastructure group, announced that Bank of America has gone live on its Cross Currency Swaps (CCS) service. The CCS service uses a payment-versus-payment (PvP) settlement mechanism to settle large initial and final principal exchanges simultaneously, eliminating counterparty failure risk and improving operational efficiency. Participants can integrate CCS flows with MarkitWire and benefit from multilateral netting to optimize liquidity and reduce daily funding requirements; average daily settled value of CCS submissions rose 87% in 2025. CLS and Bank of America framed the go-live as a risk-reduction and liquidity-efficiency milestone amid rising FX volumes and regulatory focus on settlement risk.

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