These banks – known as settlement members – are competing heavily with each other for the same client mandates: the more volume they can put through CLS, the better the economies of scale. Against this backdrop of frantic competition, UBS won the award for CLS services from last year's winner ABN Amro.
The Swiss bank now has 32 clients using its CLS service and another 31 mandates in the pipeline.
Seth Cohen, managing director in FX at UBS in London and Raoul Casellini, head of sales advisory for front-to-back wholesale cash solutions in Zurich, said the bank's approach to CLS is to give a customised offering. It holds events such as one held last week to help clients learn how to maximise the benefits of using the service.
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