Third-party CLS take-up slows

CLS said a steady stream of third parties is going live on the service -- about seven per month since the November 4 third-party launch. But settlement member banks -- those that may settle trades on CLS on behalf of other banks -- report increasing challenges in taking these third-party clients live.

The main hold-up, said officials at banks such as Citigroup, SG and ABN Amro is that, in necessitating compliant back-office systems, CLS has acted as a catalyst for many banks to overhaul and c