CLS Set For October 2001 Roll-Out

NEWS

NEW YORK -- Continuous Linked Settlement (CLS), an initiative for reducing FX settlement risk, says it is set for launch in October this year.

Systems problems delayed the launch by one year from its original launch date. But the systems, provided by software firm IBM, are now "robust", and there is "visible progress" in the software being developed, a spokesperson at CLS in London told FX Week.

The spokesperson says banks are queuing up to join. There are currently 57 joint owners, 20 of whic