01Mar 2012

This move is part of CLS’ ongoing commitment to increasing the number of Asian currencies it settles, servicing the needs of its local Settlement Members and further reducing systemic risk in the region’s currency markets.

CLS currently mitigates settlement risk for a total of 17 currencies, including those in the Asia region, the Japanese yen, Hong Kong dollar, Singapore dollar, Australian dollar, New Zealand dollar and Korean won. Moving forward, CLS is actively seeking to add further currencies in response to increased demand as a result of intra-Asian trade flows, and has held discussions with central banks in the region, including the People’s Bank of China.

The new Hong Kong office is led by Rachael Hoey, Head of CLS, Asia, who commented: “Establishing an office in Hong Kong affirms the growing importance of the Asia region and its currency markets. CLS is making progress in the region, which is reflected by the increasing level of support of our market engagement, particularly with respect to the renminbi. I look forward to leading CLS’ efforts in Asia, broadening our engagement and delivering growth.”

David Puth, Chief Executive Officer of CLS commented: “CLS has proven itself as a model that demonstrates how people, technology and international cooperation contributes towards improving stability, liquidity and efficiency in the financial markets. The timing of this development is a welcome addition to our efforts supporting our Asia-based Settlement Members and extending coverage in the region. I firmly believe this is an exciting phase in CLS’ history that demonstrates our commitment to mitigating FX settlement risk globally.”

26Mar 2014

Today the PCI Security Standards Council (PCI SSC), an open, global forum for the development of payment card security standards announced that the PCI Data Security Standard (PCI DSS) is now available in Russian.

A Russian language microsite has been added to the PCI SSC website, which also includes translated supporting documents and resources for standards implementation.

According to research firm Mercator Advisory Group, over the next two years, the number of cards in Russia is expected to increase to nearly 250 million debit cards and approximately 50 million credit cards.

“As a growing payments market, it’s important that Russia has the resources it needs to protect payment data,” said Bob Russo, general manager, PCI Security Standards Council. “We’re excited about making the PCI Standards available in the local language to help them in their security efforts.”

The PCI SSC website also supports translated pages and PCI materials in other languages, including: Chinese, French, German, Italian, Japanese, Portuguese, and Spanish.

“The PCI Standards are a global resource for payment card data protection,” said Jeremy King, European director, PCI Security Standards Council. “We’re grateful to the Russian Central Bank for its commitment to improving payment security in Russia and globally by sponsoring this translation.”

The PCI Council has a sponsored translation policy for entities that wish to raise awareness and adoption of PCI Standards in their market through local language material provision.