CLS/Icap forex aggregation service opens for business

CLSAS, a trade aggregation service for the over-the-counter foreign exchange market, started live operations today. The service is jointly run by settlement provider CLS and interdealer broker Icap, and aims to tackle growing risk and operational issues.

In a Risk magazine forum on settlement risk published in December, Credit Suisse's head of global forex sales and distribution, Martin Wiedmann, said "aggregation will help reduce the risk and it will also reduce the workload on the banks' syste