FX: Goldman Sachs joins CLS/Icap joint venture
The yet-to-be-named trade aggregation service launched by CLS and Icap subsidiary Traiana in April received a fillip in September when Goldman Sachs became the latest bank to say it would support it. It joins the seven founder banks: Bank of America; Credit Suisse; Citi; Deutsche Bank; JPMorgan; Morgan Stanley and Royal Bank of Scotland.
The service is intended to reduce operational risk and post-trade costs and both rationalize and consolidate legacy post-trade processes. "The addition of Goldman Sachs demonstrates the continued and widespread industry support for the service and I am delighted by the expansion of the founder group of banks. This further expansion in participation reinforces the service proposition and scale of benefits for the group," says CLS chief executive Rob Close.