FX: CLS and Icap joint venture goes live
CLS Group and Traiana, Icap’s post-trade company, have announced that their joint venture to provide trade aggregation services went live at the end of January. The joint venture says that the system, named CLSAS, will alleviate the processing burdens on participating banks by as much as 90%. The technology behind the system is Traiana’s Harmony network.
There are eight banks initially committed to the venture: Bank of America, Credit Suisse, Citi, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Royal Bank of Scotland.