Banks go live on CLS

FRONT PAGE NEWS

NEW YORK -- Continuous Linked Settlement (CLS) -- the long-awaited industry initiative to cut settlement risk for forex -- will go live today (September 9).

Following the go-ahead from the Federal Reserve last Thursday (September 5), 39 of the CLS Bank International’s 66 shareholders are now free to use the system to settle trades in seven eligible currencies.

Including all the largest banks in the FX industry, that represents "a big chunk of the market", said Joseph De Feo, president and chi