CLS showdown in 2003

Top players say that with charges for trades based on volumes going through the new settlement service, market-share will be key. That means of the 40 banks now qualified to offer third-party CLS provision -- known as Settlement Members -- there will only be room for a handful of banks in the endgame, say the top players.

"You need a 10--15% market-share to make being a Settlement Member successful, and that means there can only be four or five providers," said Michael Knorr, CLS project mana

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