The CLS age dawns

Introduction

CLS certainly held the forex market’s imagination for a number of years, and is likely to continue doing so – at least until the settlement member banks recoup their initial investment in the project – but the market is also increasingly concerned with the emergence of hybrid products and the effects of consolidation.

JP Morgan Chase and Citigroup are just two of the banks making a concerted effort to more closely align their interest rates and forex business lines. Could the practice provid

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