CLS: Settle down now

I had a great chat this week with Rob Close and Jonathan Butterfield from CLS. I have been critical in the past of the organization, accusing it of opacity; so it is great to report that CLS seems to have really opened up.

Obviously it has to respect certain confidences but its willingness to talk and answer questions is perhaps a reflection of confidence as it approaches its fifth anniversary of operations. 

Not surprisingly, given its important role at the back end of the market, CLS has also seen record levels of activity. Now, as I’ve said before, I am at heart just a simple spot trader and I must confess that I was never that good at adding up.

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