IBM To Build CLS's Continuous Linked Forex Settlement Service

LONDON--CLS Services has selected IBM to develop the technological infrastructure of its proposed continuous linked settlement service for foreign exchange trades. The settlement service will be offered through New York-based CLS Bank and will minimize forex settlement risks through a centralized and simultaneous payment process, say CLS officials. Separately, the company has officially announced plans to integrate its two multilateral netting services: UK-based Exchange Clearing House (Echo)

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