CLS System Could Make FX Settlement More Complex, Says SunGard Survey

SETTLEMENT NEWS

LONDON--A third of banks in a recent global survey said they expect the CLS settlement system, due to launch next year, to be more complex than the current system for settling FX trades.

Colin Day, global product manager at SunGard eProcess Intelligence (SunGard ePI) says some respondents were concerned because the system adds an extra matching layer in the settlement process. SunGard ePI -- the division of software company SunGard that conducted the survey -- questioned 500 global banks in S