Heather McLean Freelance journalist
Heather McLean Freelance journalist

Third-party Services – helping to leverage the benefits of CLS

Heather McLean canvasses a selection of industry views on the benefits of Third party CLS services.

First Published: e-Forex Magazine 19 / Features / July, 2005

CLS Bank International was launched by the industry over two and a half years ago. Since then, take up of the Bank’s foreign exchange service by Settlement Members has been carried on almost parallel with the membership of third parties.Third party services advancement in CLS has been linear since the beginning, according to Jonathan Butterfield, executive vice president of marketing and communication for CLS Bank International. As of the end of May this year, there were 481 third party members. Of these, 241 are banks, financial institutions and corporates from 205 organisations and 240 are investment funds.Butterfield comments that over the past 18 months, new third parties have been joining CLS at a consistent rate. He says that at any one time there are around 100 new third parties waiting to go live on CLS via their Settlement Member banks: “The average time frame from deciding to join CLS to doing your first trade as a third party is about six months, but some members have been live in two...continued

Exclusive Content

The full article is only available to current subscribers. Click here to sign in or subscribe by clicking here