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OSTTRA appoints former CLS executive Keith Tippell as Head of FX. 2026-06-25 06:13:53 OSTTRA has appointed former CLS Group Chief Product Officer Keith Tippell as Head of FX, bringing back one of the executives who previously helped build the business when it operated as MarkitServ. The appointment comes as the company accelerates its expansion under new ownership following its acquisition by KKR in October 2025 and a subsequent strategic investment by a consortium of global banks. Tippell returns with more than two decades of experience across some of the most important institutions in foreign exchange market infrastructure, having previously led FX at MarkitServ, served as Chief Product Officer at CLS, and headed FX and Securities Markets at SWIFT. Post-Trade infrastructure emerges as fastest growing FX segment. Foreign exchange remains the world's largest financial market. According to the latest Bank for International Settlements Triennial Central Bank Survey, average daily FX turnover reached $7.5 trillion, with spot, swaps, forwards and options generating enormous operational volumes every trading day. Every trade creates a sequence of post-trade processes that must be completed accurately and quickly. Counterparties must confirm trade details, reconcile positions, calculate exposures, optimize portfolios, prepare settlement instructions and, in many cases, clear transactions through central counterparties or settlement infrastructures. OSTTRA occupies a particularly important position because it connects thousands of financial institutions across confirmation, reconciliation, optimization, clearing and settlement workflows. According to the company, its network processes millions of trades each day across multiple OTC asset classes. The competitive battleground in foreign exchange is shifting away from execution and toward post-trade efficiency. As FX trading volumes continue to reach record levels and settlement cycles become increasingly automated, infrastructure providers are investing heavily in confirmation, reconciliation, compression, optimization and workflow automation. Tippell's career spans three core FX infrastructure institutions. Tippell's career spans several of the institutions that collectively underpin today's foreign exchange market. At MarkitServ, he helped develop one of the industry's largest FX confirmation platforms before the business merged with Traiana, TriOptima and Reset to create OSTTRA in 2021. At CLS Group, he oversaw product development for the settlement infrastructure that eliminates principal risk for a large share of global foreign exchange transactions. CLS currently settles payment instructions worth several trillions of dollars every day across the world's largest currencies, making it one of the most systemically important infrastructures in FX. Earlier, he led FX and Securities Markets at SWIFT, whose messaging network remains central to communication between financial institutions worldwide. The combination of those roles gives him direct experience across trade messaging, post-trade processing, settlement risk reduction and market infrastructure. Susan Schulte, Chief Product Officer at OSTTRA, said Tippell's experience across FX and OTC derivatives will support the company's efforts to integrate and expand its services following recent ownership changes. KKR acquisition positions OSTTRA for infrastructure expansion. The appointment follows a period of significant corporate change. In October 2025, KKR acquired OSTTRA from CME Group and S&P Global in a deal that valued the business at approximately $3.1 billion. Shortly afterwards, a consortium of global banks acquired a minority stake, reflecting the strategic importance of shared post-trade infrastructure to major market participants. The new ownership structure gives OSTTRA additional financial backing as banks continue outsourcing operational processes that were historically maintained internally. The broader opportunity extends beyond foreign exchange. Banks increasingly seek common infrastructure capable of supporting multiple OTC asset classes, reducing duplicated technology investment while improving resilience, regulatory reporting and operational efficiency. Keith Tippell said returning to the business represented both a professional and personal milestone: "I am delighted to join OSTTRA at such a pivotal moment. Having spent over twenty years focused on post-trade, I know firsthand the critical role OSTTRA plays in the global FX markets. It is also an exciting personal milestone to return to the foundations built during my time at Markit." Faq. What role did Keith Tippell accept at OSTTRA? Keith Tippell was appointed Head of FX at OSTTRA. He previously served as Chief Product Officer at CLS Group, led FX at MarkitServ (one of the businesses that merged to form OSTTRA in 2021), and headed FX and Securities Markets at SWIFT. His appointment comes as OSTTRA accelerates expansion following its acquisition by KKR in October 2025 and a subsequent strategic investment by a consortium of global banks. Why is post-trade infrastructure important in foreign exchange markets? Post-trade infrastructure handles the operational processes that occur after trade execution, including confirmation, reconciliation, exposure calculation, portfolio optimization, and settlement instruction preparation. According to the Bank for International Settlements, average daily FX turnover reached $7.5 trillion, creating enormous operational volumes that require accurate and efficient processing. OSTTRA connects thousands of financial institutions across these workflows and processes millions of trades daily across multiple OTC asset classes. What was the value of KKR's acquisition of OSTTRA? KKR acquired OSTTRA from CME Group and S&P Global in October 2025 in a deal that valued the business at approximately $3.1 billion. Following the acquisition, a consortium of global banks acquired a minority stake in the company, reflecting the strategic importance of shared post-trade infrastructure to major market participants. Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

CLS, a financial market infrastructure group delivering settlement, processing, and data solutions, announced today that Société Générale has gone live on its cross currency swaps (CCS) service.CCS trades have significant settlement risk exposure due to the high value of the initial and final principal exchanges. In addition, settling these trades on a gross bilateral basis results in operational inefficiencies and liquidity constraints. The CCS service can be used seamlessly in conjunction with post-trade processing platform MarkitWire to integrate CCS flows into CLSSettlement, allowing participants to benefit from multilateral netting against all FX transactions. This not only optimizes liquidity but also significantly reduces daily funding requirements.The service’s success is reflected in its exponential growth, with the values of CCS submitted to CLSSettlement up 87% year-on-year in Q3 2024.The growth in the service also supports the efforts of policy makers and regulators who promote broader adoption of payment-versus-payment (PvP) mechanisms as a means of reducing FX settlement risk and, more generally, systemic risk in the OTC derivatives market.“We are delighted that Société Générale has gone live on our CCS service,” stated Lisa Danino-Lewis, Chief Growth Officer at CLS. “Participation in the service underscores its effectiveness in enhancing operational and liquidity efficiencies for CCS trades. The growing adoption of this service as well as the growing values submitted indicate that FX market participants are actively pursuing innovative solutions to further reduce settlement risk and improve operational efficiency.”Pierre-Jean Benazech, Global Head Cross CCY Swaps trading at Société Générale commented, “We look forward to leveraging CLS’s CCS service to optimize liquidity and mitigate settlement risk

CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announced that Barclays Bank has officially gone live on its Cross Currency Swaps (CCS) service.The CCS service – an extension of CLS’s unique payment-versus-payment (PvP) settlement service, CLSSettlement – mitigates settlement risk for CCS transactions. By integrating CCS flows into CLSSettlement, the service allows for multilateral netting against all other FX transactions, providing substantial liquidity optimization benefits as well as reducing daily funding requirements for clients.As public policy efforts to mitigate settlement risk have increased, CLS’s CCS service has seen a notable rise in activity. Values of CCS submitted to CLSSettlement are up 48% year-on-year in 2023, highlighting the industry’s support for the service.Lisa Danino-Lewis, Chief Growth Officer at CLS commented, “Barclays Bank going live on our CCS service is a positive step in our continual work toward making the global FX market more resilient and efficient. The adoption of our CCS service by Barclays, one of the world’s premier banking institutions, demonstrates the value and trust placed in our risk mitigation and liquidity management solutions by the industry. The growing number of institutions, as well as growing volumes on the platform, underlines the industry’s commitment towards minimizing settlement risk in the FX market.”Michael Pollak, Head of Cross Currency Trading, Barclays Bank PLC commented, “As markets continue to navigate an uncertain period, being able to mitigate FX settlement risk via CLS’s CCS service is a vital part of our risk management practices. Through multilateral netting, we can also optimize our liquidity, reduce our funding requirements and remove friction from the market’s infrastructure