The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

You get what you pay for

It did take a bit of a sledgehammer approach – which I’m not averse to using – to get CLS to open up.


You get what you pay for

FXMarketSpace and the settlement monopoly

RBS shuts its FX prop desk

Rocking Ronnie

People moves

You get what you pay for

How much CLS charges for its services baffles many in the FX market. It is fair to say that in this age of transparency the organization is often incredibly opaque. That finally appears to be changing, at least to some degree.

CLS’s previous reticence only served to convince me that those in the market who described it as a bad tax had a point and I had got the impression that CLS’s charges were somewhat discretionary. Now, however, having looked at the figures, I’m less convinced about both points.

It did take a bit of a sledgehammer approach – which I’m not averse to using – to get CLS to open up. Previously, I drew a blank from numerous sources on what it was charging. Everyone I asked immediately clammed up, as if they were witnesses to a crime who had been nobbled before the trial of the accused.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree