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Foreign Exchange

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. Even in the old days of ticket writing, I left the position-keeping to my scribes while I bought and sold like a veritable whirlwind.

Interpreting CLS’s figures can still be a little bit difficult – it’s as if all these back-office blokes want to show the front office just how clever they are now they’ve been allowed out into the daylight. Anyway, I managed to remaster the slide rule I last used back in 1974 when I took my 11+ exam. And I can now report that CLS had record volume submitted to it last Thursday and again last Friday.

 More on CLS

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