Rabobank to change credit lines post-CLS adoption

Since the launch of the CLS service on September 9 last year, market participants have been looking for signs of divergence between CLS members and non-CLS members. This could manifest itself in two ways -- by banks' favouring trading with counterparties that are also users of CLS or by increasing deal spreads for non-CLS counterparties, so creating a two-tier pricing system.

According to Pablo Vergara, Rabo's head of short-term interest rate products in Utrecht, the former is already beginni