CLS Services Uses Echo's System As Basis Of Multilateral Netting Service

DEALING & NETTING

LONDON--CLS Services, the recently created forex settlement service provider, has decided to use technology from the London-based Exchange Clearing House (Echo) as the basis for its worldwide multilateral netting service, according to sources. These sources add that CLS has drawn up a shortlist of vendors to build its proposed continuous linked settlement system.

David Roscoe, programme director at CLS, and Mark Hodgkinson, director of risk management at Echo, both decline to comment, saying