Called the Electronic Settlement Network (ESN), it is a pay-as-you-go post-trade processing utility for the market. Inevitably, this is likely to be reported as a challenge to CLS; but at first glance ESN looks far cleverer than a half-baked attempt to smash CLS’s quasi monopoly in settlement.
The grumbling about the high cost of CLS will always continue. However, while it has undoubtedly proved itself again over recent months, it is a valid argument that settlement in FX can be quite a lot more expensive than in other assets.
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