CDS Currency Service will enable participants to convert entitlement payments to
Canadian or U.S. funds
TORONTO, June 1, 2015 /CNW/ - CDS Innovations Inc. (CDSI), an operating subsidiary of The Canadian Depository for Securities Limited (CDS), a wholly-owned subsidiary of TMX Group, today announced the launch of CDS Currency Service, a web-based solution that will enable participants to convert entitlement funds to Canadian or U.S. dollars.
Today's interconnected, borderless marketplace presents complex and costly challenges for market participants. Canadians invest in markets around the world and Canadian securities continue to attract global investment. The new CDS Currency Service, designed by CDSI, will leverage TMX's existing cash transaction infrastructure and capabilities to provide participants with access to cost-efficient, seamless foreign exchange services.
"We are pleased to announce the expansion of the CDS Innovations product portfolio to include access to foreign exchange capabilities," said Jean Desgagné, President and Chief Executive Officer of CDS. "We expect the new CDS Currency Service to help our customers reduce existing currency challenges and enable them to offer more choice to their clients."
Participants stand to benefit from the economies of scale obtained by CDS. As a subscriber to the service, CDS participants can receive funds in a currency that is ready to be immediately credited to client accounts, making conversions easier to manage and providing better access to alternative rates.
For more information about CDS Currency Service, please visit our site: http://www.cds.ca/cds-products/cds-innovations/cds-currency-service
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha Group, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing and Sydney. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.
SOURCE Toronto Stock Exchange
For further information: Shane Quinn, Senior Manager, Communications and Public Affairs, TMX Group, 416-947-4609, firstname.lastname@example.org