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CLS Group completes its GBP 160 million equity capital raise

January 2014

CLS Group Holdings AG, the Swiss parent company of CLS Group (www.cls-group.com), today announced the successful completion of an equity capital raise for a net amount of ÂŁ160 million.

Launched in 2002, CLS operates the largest multi-currency cash settlement system globally to mitigate settlement risk for its shareholders, members and third-party participants in the FX market. The average daily value submitted to CLS for settlement is USD 5 trillion per month (October 2013).

 

In April 2012, the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the Technical Committee of the International Organisation of Securities Commissions (IOSCO) issued the final version of its Principles for financial market infrastructures (PFMI). The PFMI contain new and more demanding international standards for payment and settlement systems, which are designed to ensure that the infrastructure supporting global financial markets is more robust and well placed to withstand financial shocks. The PFMI have been adopted by regulators in certain jurisdictions in which CLS is designated and are expected to be adopted in the remaining jurisdictions.

 

CLS has increased its capital, to meet the new capital standards in the PFMI in the expectation that they will be fully adopted. In addition, the capital raise shall enable CLS to invest in technology to enhance operational capability and develop new products and services for the benefit of its members and shareholders. The new capital was subscribed entirely by existing shareholders of CLS.

 

J.P. Morgan acted as financial adviser and Niederer Kraft & Frey acted as legal adviser to CLS. The NKF team included Philippe Weber, Markus Kronauer (tax), Gian-Andrea Caprez, Arie Gerszt and Nico Hess.

Legal Developments by:
Niederer Kraft Frey AG

  • GrenzĂĽberschreitende Finanzdienstleistungen

    Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.
    - Niederer Kraft & Frey

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