CLS: can’t live with ’em, can’t live without ’em?

FX settlement giant not fast on its feet, say dealers and challengers, but hard to knock down

Montage: FX Markets

CLS, the foreign exchange settlement colossus, is purpose-built to battle settlement risk and, since its creation, has provided the go-to defence against it. But the evolution of FX markets has left the utility giant looking leaden – and ill-equipped to tackle a more diverse universe of currencies and trading partners.

The growing relevance to the FX space of fragmented liquidity and emerging market currencies has pulled focus onto the rise of settlement risk – the danger that a firm pays a

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