CLS showdown in 2003


LONDON -- The stage is set for a pitched battle for third-party credit-linked settlement (CLS) business in 2003, according to senior bankers interviewed by Operational Risk’s sister publication FX Week.

Top players say that with charges for trades based on volumes going through the new settlement service, market-share will be key. That means of the 40 banks now qualified to offer third-party CLS provision -- known as settlement members -- there will only be room for a handful of banks in the

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