Santander live as settlement member
Decision to join CLS Bank follows change in policy at Citi, Santander's former third-party CLS provider
Banco Santander went live as a settlement member of CLS Bank on November 15, bringing the total number of banking and financial institutions comprising CLS's members up to 61.
Santander has been a shareholder in CLS since 2002 and a third-party participant via Citi since October 2003. However, following the default of Lehman Brothers, as with all third-party CLS providers, Citi revaluated its relationships, deeming clients such as Santander and Nomura large enough to join directly as settlement
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