CLS To Announce New Testing Schedule Soon, Delays Shorter Than Expected

SETTLEMENT

LONDON--Continuous Linked Settlement Services (CLS), the global settlement network for foreign exchange, is close to announcing a new testing schedule after its original plans were disturbed by development failures.

CLS is designed to eliminate FX settlement risk, essentially by constructing a global clearing and settlement network with payments guaranteed by a New York-based institution called the CLS Bank.

Late last year the organization, which is composed of IBM and the Society for World In

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