CLS Services Selects IBM To Form Settlement Service Infrastructure


LONDON--CLS Services has selected IBM to develop the technological infrastructure for its proposed continuous linked settlement service for foreign exchange trades. The settlement service will be offered through New York-based CLS Bank and will minimize forex settlement risks through a centralized and simultaneous payment process, say CLS officials.

Separately, the company has officially announced plans to integrate its two multilateral netting services: UK-based Exchange Clearing House (Ech