August - The race for CLS clients

The race to sign third-party CLS clients got under way in August, as banks prepared for the launch of the Continuous Linked Settlement (CLS) system for FX.

Shareholder banks in the CLS project reckoned they had a window of opportunity to sign up a potential 2,000 third-party banks and institutions to use the service via their networks.

Frontrunners

UBS Warburg, HSBC and Citigroup were among the frontrunners in the rapidly expanding business, but the launch of CLS in September brought a snowb