UBS regains top spot for CLS
The crisis has highlighted the role of CLS in ensuring the stability of the foreign exchange market. But what has also become evident is that the large replacement and intraday funding risks assumed on behalf of clients by third-party providers is not commensurate with charges.
"It's not about ticket price like some banks thought it was at the beginning of CLS. It's really about settlement and operational risk reduction, and that has a lot of value. Some of the initial assumptions going into it
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