CLS settles a trillion a day

CLS Bank president and chief executive Joseph De Feo estimated that this represents about 45% of the total amount of foreign exchange traded globally on that day, which saw higher volumes than normal as back-offices processed held-over instructions from the US holiday the day before.

Capturing such a huge chunk of the global FX market so early in its life has silenced many critics of CLS, which, by its September 9 launch last year after repeated delays, had become an easy target for detractor

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