Merrill to settle forex trades via Citi

New angles

Citigroup has won a coveted deal to settle Merrill Lynch’s foreign exchange trades on its behalf on the new continuous-linked settlement (CLS) service for forex. As about 20 banks jostle to secure third parties to use their CLS services, the Merrill deal – as a top investment bank in wholesale forex – is so far the most high-profile revealed.

The contract was signed at the end of 2002, says Michael Knorr, Citigroup’s CLS project manager, although both banks have kept quiet until now.

Janice Ba

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