CLS third-party operations go live
LONDON -- CLS Bank in early November authorised its settlement members to offer Continuous Linked Settlement (CLS), the banking initiative to cut settlement risk in currency markets, to their banking customers.
The move means that banks including Citigroup, Deutsche Bank, JP Morgan Chase and UBS Warburg will be allowed to offer their client services and link institutions to CLS. Also, non-CLS settlement members will be able to settle their currency trades on the global settlement system.
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