FX news: Founders live on CLSAS
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Foreign Exchange

FX news: Founders live on CLSAS

CLS and Traiana say that all eight founder members of their joint venture, CLS Aggregation Service (CLSAS), are now live with the system. The eight banks are Bank of America Merrill Lynch, Credit Suisse, Citi, Deutsche, Goldman Sachs, JPMorgan, Morgan Stanley and Royal Bank of Scotland.

The service was developed to reduce operational risk, lower post-trade costs and rationalise and consolidate legacy post-trade processes in FX. The service went live in January and the founding banks have adopted it over the course of 2010. The service recently hit its highest daily volume with over 164,110 gross trades aggregated down to 9,008: a compression rate of 94.5%.

Alan Bozian, CEO of CLS Group, says: “Over the past three years, the [FX] industry has seen steady growth in volumes and in the number of market participants who are trading FX as an asset class. Growth in participation and advances in trading technology led to a re-appraisal of how to manage capacity. CLS Aggregation fundamentally changes the post-trade workflow to relieve capacity constraints downstream. The service has performed well and, as expected, has delivered increased compression ratios on peak volume days.”

Gil Mandelzis, Traiana’s CEO, says the focus will now be on extending the number of clients using the service.

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