Vendor e-FX initiative of the year: CLS and Traiana

Jonathan Butterfield, CLS

Over the past year, the foreign exchange industry has repeatedly put itself in front of legislators and regulators to make the case for an exemption from onerous new regulations. The well-rehearsed argument has frequently centred on the robustness of existing infrastructure, the market's resilience during the financial crisis, and the collaborative efforts participants have always made to preserve that.

The winner of this year's vendor e-FX initiative of the year award – a joint venture between

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